Business
Wesdome announces intention to make a normal course issuer bid
Wesdome announces intention to make a normal course issuer bid
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\n Jul. 12, 2010 (Canada NewsWire Group) -- Wesdome Gold Mines Ltd. ("Wesdome") announced today that the Toronto Stock Exchange (the "TSX") has approved notice of its intention to make a normal course issuer bid.\nPursuant to the terms of the bid, Wesdome will purchase its own Common Shares (the "Shares") for cancellation through the facilities of the TSX at the prevailing market price of the Shares. The number of Shares purchased by Wesdome will in no event be in excess of 6,681,620 Shares, being approximately 10% of its "public float". Purchases will be subject to a daily maximum of 40,142 Shares, except where such purchases are made in accordance with the "block purchase" exemptions under applicable TSX policy. Wesdome will effect purchases at varying times commencing on or after July 14, 2010 and continuing until no later than July 13, 2011.\nWesdome's previous normal course issuer bid expired on June 24, 2010. Pursuant to that bid (June 25, 2009 to June 24, 2010), Wesdome acquired, through the facilities of the TSX, 15,000 Shares at a weighted average price of $1.62 per Share.\nIn addition to providing shareholders liquidity, Wesdome believes that its Shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the company's business and its future prospects. As a result, Wesdome believes that its outstanding Shares may represent an attractive investment.\nAs at the close of business on July 8, 2010, Wesdome had 100,803,609 Shares issued and outstanding.\nThis news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be ac...