Business
Wesdome announces TSX approval of normal course issuer bid
TORONTO , June 2, 2014 /CNW/ - Wesdome Gold Mines Ltd. (" Wesdome " or the " Company ") ...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\nTORONTO, June 2, 2014 /CNW/ - Wesdome Gold Mines Ltd. (\"Wesdome\" or the \"Company\") (TSX: WDO) announced today that the Toronto Stock Exchange (the \"TSX\") has approved notice of its intention to make a normal course issuer\n bid.\n\n\nPursuant to the terms of the bid, Wesdome may purchase its own common\n shares (the \"Shares\") or convertible debentures (the \"Debentures\" and collectively with the Shares, the \"Securities\") for cancellation through the facilities of the TSX at the prevailing\n market price of the Shares and the Debentures, as applicable. The\n number of Securities purchased by Wesdome will in no event be in excess\n of: (i) 8,601,626 Shares, being approximately 10% of its \"public float\"\n and (ii) $351,050 principal amount of Debentures, being approximately\n 5% of the principal amount of Debentures issued and outstanding.\n Purchases will be subject to a daily maximum of 22,568 Shares and\n $1,000 principal amount of Debentures, except where such purchases are\n made in accordance with the \"block purchase\" exemptions under\n applicable TSX policy. Wesdome will effect purchases at varying times\n commencing on or after June 4, 2014 and continuing until no later than\n June 3, 2015.\n\n\nWesdome's previous normal course issuer bid expired on or about March 5,\n 2014. Pursuant to that bid, Wesdome acquired, through the facilities of\n the TSX, 91,200 Shares at a weighted average price of $0.55 per Share.\n\n\nIn addition to providing securityholders liquidity, Wesdome believes\n that the Securities have been trading in a price range which does not\n adequately reflect the value of such securities in relation to the\n Company's business and its future prospects. As a result, Wesdome\n believes that its outstanding Securities may represent an attractive\n investment.\n\n\nAs at the close of business on May 30, 2014, Wesdome had 111,147,591\n Shares and $7,021,000 aggregate principal amount of Debentures issued\n and outstanding.\n\n\nThis news release contains \"forward-looking information\" which may\n include, but is not limited to, statements with respect to the future\n financial or operating performance of the Company and its projects.\n Often, but not always, forward-looking statements can be identified by\n the use of words such as \"plans\", \"expects\", \"is expected\", \"budget\",\n \"sch...