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Russel Metals Announces Acceptance by TSX of Normal Course Issuer Bid
Russel Metals Announces Acceptance by TSX of Normal Course Issuer Bid Canada NewsWire ...
About this update from Russel Metals Inc.
[{"type":"text","content":"\n \n \n \n Russel Metals Announces Acceptance by TSX of Normal Course Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 11, 2023\n \n \n /CNW/ - Russel Metals Inc. (TSX: RUS) announces that it has received approval from the Toronto Stock Exchange (the \"TSX\") of its notice of intention to make a normal course issuer bid (the \"NCIB\").\n \n \n Under the NCIB, Russel Metals may purchase for cancellation, on the open market at its discretion, during the period commencing on\n \n August 16, 2023\n \n and ending on the earlier of\n \n August 15, 2024\n \n and the completion of purchases under the NCIB, up to 6,076,625 common shares of Russel Metals (\"Common Shares\"), which represents 10% of the public float over a 12-month period.  As of\n \n August 11, 2023\n \n , Russel Metals had 61,307,326 Common Shares issued and outstanding.\n \n \n Daily purchases on the TSX under the NCIB will be limited to 72,959 Common Shares, which represents 25% of the average daily trading volume of 291,836 on the TSX for six months ending\n \n July 31, 2023\n \n , subject to any purchases made pursuant to the block purchase exception.  The actual number of Common Shares which may be purchased under the NCIB and the timing of any such purchases will be determined by Russel Metals in its discretion, subject to applicable laws and the rules of the TSX. Purchases under the NCIB are expected to be made through the facilities of the TSX and alternative trading systems in\n \n Canada\n \n at prevailing market prices.  The NCIB will be funded using Russel Metals' existing cash resources or credit facilities, and any Common Shares repurchased by Russel Metals under the NCIB will be cancelled.\n \n \n The renewal of the NCIB follows the conclusion of the Company's previous NCIB that expires on\n \n August 15\n \n , 2023.  Under the previous NCIB Russel Metals was authorized to purchase 3,155,611 common shares of which 2,240,756 common shares were purchased, through the facilities of the TSX and...