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Almonty Announces TSX Approval of Normal Course Issuer Bid
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) today announced that it has filed with
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) today announced that it has filed with the Toronto Stock Exchange (the “TSX”), and the TSX has accepted, a notice of intention of the Company to make a normal course issuer bid (the “NCIB”) permitting Almonty to purchase for cancellation up to 9,072,094 common shares (“Shares”) over a 12-month period, representing approximately 5% of the Shares outstanding as of March 11, 2019. The NCIB is expected to commence on March 22, 2019 and terminate on March 21, 2020, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares on the TSX for the last six months is 29,470 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 7,367 Shares. Shares purchased under the NCIB will be cancelled. During the last twelve months, the Company purchased 471,000 Shares for cancellation at a volume weighted average price of $0.4727 per Share under a normal course issuer bid through the facilities of the TSX Venture Exchange, which was for a maximum of 7,331,011 Shares and which expired on June 1, 2018. Almonty has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of Almonty. Almonty believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to the Company’s activities and future prospects. As a result, Almonty believes that the purchase of Shares, from to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders. About Almonty The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development ...