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Magellan Minerals Ltd. (CVE:MNM) reports that its board of directors adopts a Shareholder Rights Plan agreement with effect of April 27, 2011.

Magellan Minerals Ltd. reports that its board of directors adopts a Shareholder Rights Plan agreement with effect of April 27, 2011.

The press release is quoted as saying:

The Rights Plan has been approved by the TSX Venture Exchange and is subject to shareholder approval at the Company’s annual general and special shareholders’ meeting to be held on May 27, 2011. If ratified by the shareholders, the Rights Plan will have a term of 3 years. The Board is not currently aware of any pending or proposed take-over bid for Magellan. A summary of the Rights Plan is contained in the Company’s information circular, a copy of which will be available at www.sedar.com

Click here to access the entire news release.

Click here to access Magellan Minerals’ company profile.

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