WGI Heavy Minerals Announces Normal Course Issuer Bid

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[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, June 29 /CNW/ - WGI Heavy Minerals, Incorporated\n("WGI") (TSX: WG) announced today that the Toronto Stock Exchange (the "TSX")\nhas accepted its notice of intention to conduct a normal course issuer bid to\nenable it to purchase up to 2,200,000 of its common shares ("Shares")\noutstanding, representing approximately 10 percent of WGI's public float of\n22,044,314 Shares as at June 18, 2009. The average daily trading volume of WGI\nfor the past six months is 119,623.\n\n\nPurchases will be affected through the facilities of the Toronto Stock\nExchange. WGI believes that due to volatility in financial markets, the Shares\nmay, from time to time be undervalued in the market and would constitute a\ngood investment for the Company. All Shares purchased will be cancelled.\n\n\n"At the current market price we believe that buying back Shares in this\nprice range is an excellent use of WGI's resources and accretive for our\nshareholders." said Greg Emerson, WGI's Chief Executive Officer.\n\n\nPurchases may commence on July 2, 2009, and will terminate on the earlier\nof July 1, 2010, the date WGI completes its purchases pursuant to the notice\nof intention to make a normal course issuer bid filed with the TSX, or the\ndate of notice by WGI of termination of the bid.\n\n\nWGI will make purchases on the open market through the facilities of the\nTSX in accordance with the rules and policies of the TSX. The price that WGI\nwill pay for any such Shares will be the market price of such Shares on the\nTSX at the time of acquisition. Units purchased under the bid will be\ncancelled.\n\n\nWGI Heavy Minerals, Incorporated is a marketer of industrial grade\nminerals sourced primarily out of India, producer of industrial-grade garnet\nout of Idaho and Germany and manufacturer of replacement parts for ultra-high\npressure waterjet machine tool systems around the world. The Company's shares\nare listed on the Toronto Stock Exchange under the symbol WG.\n\n\nThis press release contains forward-looking statements concerning the\nbusiness, operations, and financial performance and condition of WGI Heavy\nMinerals, Incorporated. A number of the matters discussed and statements made\nin the press release contain forward-looking statements reflecting current\nexpectations regarding future a...

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