CanAlaska Uranium Ltd. (CVV.TO) announced that its board has approved the adoption of a shareholder rights plan entered into with CIBC Mellon Trust Company as rights agent, effective April 9, 2012.
The Rights Plan will provide the board of directors of the Company with additional time for review and consideration of an unsolicited take-over bid and, if necessary, for the consideration of alternatives.
Under the provisions of the Rights Plan, one right was issued for each common share outstanding as of April 9, 2012. The Rights will initially be represented by the certificates representing the common shares of the Company.
The Rights Plan is subject to acceptance by the Toronto Stock Exchange and the shareholders of the Company. CanAlaska expects to seek such shareholder approval at its upcoming annual general meeting in 2012. If ratified by the shareholders, the Rights Plan will have a term of three years.
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