Business
Bri-Chem Corp announces Normal Course Issuer Bid
TSX Venture Exchange Symbol "BRY" EDMONTON, Dec. 9 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Ventu...
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Symbol "BRY"\n\n\nEDMONTON, Dec. 9 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture\nExchange: BRY) a leading Canadian wholesale distributor of industrial drilling\nfluids, steel products and services, wishes to announce that Bri-Chem has\nreceived acceptance from the TSX Venture Exchange in respect of its intention\nto make a Normal Course Issuer Bid (the "Bid") pursuant to the provisions of\nTSX Venture Exchange Policy 5.6.\n\n\nThe Bid will consist of the acquisition by Bri-Chem of up to 815,000\ncommon shares of its capital stock, representing 10% of the public float of\n8,152,837 common shares upon the proposed date of commencement of the Bid.\nThere are currently 14,514,186 common shares of Bri-Chem issued and\noutstanding. The Bid is to commence on December 10, 2008, and will terminate\non December 9, 2009 or earlier if the number of shares sought in the Bid have\nbeen obtained. Bri-Chem reserves the right to terminate the Bid earlier if it\nfeels it is appropriate to do so. All shares acquired under the Bid will be\nreturned to treasury for cancellation.\n\n\nCommon shares will be purchased at the market price at the time of\npurchase and will be purchased on behalf of Bri-Chem by Paradigm Capital Inc.,\nBri-Chem's broker in connection with the Bid, in accordance with the rules and\npolicies of the TSX Venture Exchange.\n\n\nBri-Chem believes that its common shares are undervalued at current\nmarket prices based on its current earnings and future prospects and that the\nrepurchase of common shares at current market prices is an appropriate use of\ncorporate funds.\n\n\nAbout Bri-Chem\n\n\nBri-Chem is a wholesale distributor of industrial drilling fluid supplies\nand steel products and services to the oil and gas and construction\nindustries. Bri-Chem provides over 100 domestic and foreign drilling fluid\nproducts to customers throughout Alberta, British Columbia and Saskatchewan\nand distributes drill pipe, carbon steel welded pipe, carbon steel seamless\npipe, stainless steel welded pipe, stainless steel seamless pipe, tubing &\ncasing, sucker rods, galvanized steel products as well as fittings and\nflanges. Bri-Chem's customers operate in a wide range of industries, including\noil & gas, manufacturing, forestry, agriculture, construction, and mining.\n\...