News Column

Greencastle Reports Normal Course Issuer Bid

February 20, 2014

Greencastle Resources announced that, subject to regulatory approval, it will conduct a normal course issuer bid (the "Bid").

According to a release, the Bid will be for 3,981,805 common shares of the Company over a period of one year (the "Bid Period"), being approximately 8.6 percent of Company's issued and outstanding common shares, with up to 923,653 common shares of the Company purchasable over any 30-day period within the Bid Period, being 2 percent of Company's issued and outstanding common shares. The Bid Period will commence on February 19, and will continue until the earlier of February 18, 2015, or the date by which the Company has acquired the maximum 3,981,805 common shares which may be purchased under the Bid.

Management believes that the market price of the Company's common shares may not fully reflect the value of its business and future prospects, and as such it believes that purchasing its own common shares for cancellation is an appropriate strategy for increasing long-term shareholder value. The purchases will be made through the facilities of the TSX Venture Exchange (the "TSXV"), and the price at which the Company will purchase its common shares will be the market price of the shares at the time of acquisition. The Company has appointed Canaccord Genuity Wealth Management as its broker to conduct normal course issuer bid transactions.

The Company has 46,182,671 common shares issued and outstanding. Common shares purchased by the Company will be returned to treasury for cancellation.

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