Business
Westaim announces TSX approval of normal course issuer bid
TORONTO, Aug. 24, 2011 /CNW/ - The Westaim Corporation (" Westaim " or the " Company ") (TSX:...
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 24, 2011 /CNW/ - The Westaim Corporation (\"Westaim\" or the \"Company\") (TSX: WED) is pleased to announce that the Toronto Stock Exchange\n (the \"TSX\") has approved the notice of its intention to make a normal course\n issuer bid.\n\n\nPursuant to the terms of the bid, Westaim may purchase its own common\n shares (the \"Shares\") for cancellation through the facilities of the TSX at the prevailing\n market price of the Shares. It is expected that the maximum number of\n Shares which may be purchased by Westaim will not exceed 30,173,238,\n being approximately 10% of 301,732,838, representing the number of\n Shares which are in the \"public float\". Purchases will be subject to a\n daily maximum of 79,235 Shares, except where such purchases are made in\n accordance with the \"block purchase\" exemption under applicable TSX\n policy. Westaim will effect purchases at varying times commencing on\n August 30, 2011 and ending on August 29, 2012.\n\n\nIn addition to providing shareholders liquidity, Westaim believes that\n its Shares have been trading in a price range which does not adequately\n reflect the value of such shares in relation to the Company's business\n and its future prospects. As a result, Westaim believes that its\n outstanding Shares may represent an attractive investment.\n\n\nAs at the close of business on August 23, 2011, Westaim had 586,798,960\n Shares issued and outstanding.\n\n\nThis press  release contains \"forward-looking information\" which may\n include, but is not limited to, statements with respect to future\n purchases by Westaim of its Shares pursuant to its normal course issuer\n bid. Often, but not always, forward-looking statements can be\n identified by the use of words such as \"plans\", \"expects\", \"is\n expected\", \"budget\", \"scheduled\", \"estimates\", \"forecasts\", \"intends\",\n \"anticipates\", or \"believes\" or variations (including negative\n variations) of such words and phrases, or state that certain actions,\n events or results \"may\", \"could\", \"would\", \"might\" or \"will\" be taken,\n occur or be achieved. Forward-looking statements involve known and\n unknown risks, uncertainties and other factors which may cause the\n actual results, performance or achievements of the Company to be\n materially different from any future results, perform...