International Nickel Ventures Corporation Implements Shareholder Rights Plan
TORONTO, ON – November 18, 2008 – International Nickel Ventures Corporation (“INV” or the “Corporation”) (TSX: INV, INV.WT) announced today that it has adopted a shareholder rights plan (the “Rights Plan”). The Rights Plan is designed to ensure the fair treatment of INV’s shareholders in any transaction involving a change of control of the Corporation and will provide INV’s board of directors and INV’s shareholders with adequate time to evaluate any unsolicited take-over bid and, if appropriate, to seek out alternatives to maximize shareholder value. The Toronto Stock Exchange has accepted notice of filing of the Rights Plan.
The Rights Plan will be effective immediately and will continue in effect until November 18, 2011, subject to being ratified by the shareholders of the Corporation at the next annual meeting of shareholders. If the Rights Plan is not ratified by the shareholders of the Corporation at a meeting held on or before May 18, 2009, the Rights Plan will cease to be of force or effect.
The Rights Plan is similar to other rights plans adopted by many Canadian corporations. Until the occurrence of certain specific events, the rights will trade with the shares of the Corporation and be represented by the share certificates. The rights become exercisable only when a person, including any party related to it or acting jointly with it, acquires or announces its intention to acquire 20% or more of the outstanding shares of the Corporation without complying with the Permitted Bid provisions of the Rights Plan. Should a non-Permitted Bid be launched, each right would entitle each holder of shares (other than the acquiring person and persons related to it or acting jointly with it) to purchase additional shares of the Corporation at a 50% discount to the prevailing market price.
It is not the intention of the Rights Plan to prevent take-over bids. Under the Rights Plan, a Permitted Bid is a bid made to all shareholders for all of their shares on identical terms and conditions that is open for at least 60 days. If at the end of 60 days at least 50% of the outstanding shares, other than those owned by the offeror and certain related parties, have been tendered and not withdrawn, the offeror may take up and pay for the shares but must extend the bid for a further ten days to allow all other shareholders to tender. A copy of the Rights Plan is available for review at www.sedar.com and on INV’s website at www.nickelventures.com.
INV is an international mineral resource Corporation focused on the acquisition, exploration and development of base and precious metal projects in Brazil and Canada. Currently, INV’s primary assets are: (1) the advanced-stage Santa Fé-Iporá nickel laterite deposits located in Goiás State, Brazil; (2) the Montcalm nickel-copper property located contiguous to Xstrata Nickel’s operating nickel mine in the Timmins, Ontario area; (3) its nickel-copper-precious metals properties located in the ‘Ring of Fire’ area in northern Ontario; (4) its nickel-copper sulphide and gold properties, located in Brazil and (5) an option/joint venture agreement with Votorantim Metais Níquel S.A. on all but two of INV’s nickel laterite exploration properties located in Brazil. For further information on the Santa Fé-Iporá properties, please refer to the Technical Report of March 10, 2008, entitled “43-101F1 Technical Report On The Santa Fé And Iporá Nickel Laterite Properties In Brazil for International Nickel Ventures Corp.” which details all QA/QC procedures and interpretation of the exploration data and a summary description of the geology and is available on SEDAR at www.sedar.com. Please also refer to INV’s Management’s Discussion and Analysis dated November 10, 2008 and other technical reports on INV’s website at www.nickelventures.com to view additional details relating to the properties.
This press release contains certain forward-looking statements. These forward-looking statements are subject to variety of risks and uncertainties beyond INV’s ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors, refer to INV’s most recent annual information form with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.