Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the
"Company") announces that its Board of Directors (the "Board") today
adopted a Shareholder Rights Plan (the "Rights Plan"). The Rights Plan
has been adopted to ensure the fair treatment of shareholders in
connection with any take-over bid for common shares of Detour Gold. The
Rights Plan seeks to provide shareholders with adequate time to properly
assess a take-over bid without undue pressure. It also is intended to
provide the Board with more time to fully consider an unsolicited
take-over bid and, if considered appropriate, to identify, develop and
negotiate other alternatives to maximize shareholder value. Detour Gold
is not aware of any take-over bid for Detour Gold that has been made or
is contemplated.
In order to implement the Rights Plan, the Board has authorized the
issuance of the rights to holders of its common shares at the rate of
one right for each common share outstanding. The rights issued under the
Rights Plan become exercisable only when a person, including its
affiliates and associates and persons acting jointly or in concert with
it, acquires beneficial ownership of shares which, when aggregated with
its current holdings, total 20% or more of the outstanding common shares
of Detour Gold (determined in the manner set out in the Rights Plan)
without complying with the "Permitted Bid" provisions of the Rights Plan
or without approval of the Board. Should such an acquisition occur, the
rights will entitle shareholders, other than the acquiring person and
its affiliates and associates and persons acting jointly or in concert
with it, to purchase additional common shares of Detour Gold at a
substantial discount to the market price of the common shares at that
time.
Detour Gold intends to submit the Rights Plan to its shareholders for
ratification at the upcoming Annual and Special Meeting of its
shareholders scheduled to be held on June 3, 2009.
For further information, please contact:
Gerald Panneton, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street,
Suite 2040, Toronto, Ontario M5J 2J1.
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