Business
Xtra-Gold Announces 2015 Normal Course Issuer Bid and Results of 2014 Bid
Toronto, Ontario--(Newsfile Corp. - October 30, 2015) - Xtra-Gold Resources Corp. (T S...
About this update from Xtra-gold Resources Corp.
[{"type":"text","content":"Xtra-Gold Announces 2015 Normal Course Issuer Bid and Results of 2014 BidToronto, Ontario--(Newsfile Corp. - October 30, 2015) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) (\"Xtra- Gold\" or the \"Company\") is pleased to announce today it intends to proceed with a normal course issuer bid to purchase up to 4,000,000 common shares of the Company (the \"2015 Bid\").The Company is commencing the 2015 Bid because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that the purchase of common shares for cancellation is in the best interests of the Company's shareholders by increasing the respective proportionate shareholdings and therefore increasing the respective equity interest in the Company for all remaining shareholders.As of October 19, 2015 the Company had 45,726,417 common shares issued and outstanding. The 4,000,000 common shares that may be purchased by the Company under the 2015 Bid represent approximately 9.4% of the public float (42,412,562) of the Company. The 2015 Bid will commence on November 3, 2015 and will terminate on November 2, 2016 or at such earlier date in the event that the number of shares sought in the 2015 Bid has been repurchased. The Company reserves the right to terminate the 2015 Bid earlier if it feels that it is appropriate to do so.All shares will be purchased on the open market through the facilities of the TSX, and payment for the common shares will be in accordance with TSX policies. The price paid for the common shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the 2015 Bid. The maximum number of common shares that may be purchased on a daily basis is 2,596 common shares representing 25% of the average daily trading volume of 10,385 shares for the last six calendar months, except where purchases are made in accordance with \"block purchases\" exemptions under applicable TSX policies. The common shares purchased by the Company will be cancelled.The Company has engaged Haywood Securities Inc to act as broker through which the 2015 Bid will be conducted.Previous purchases were made by the Company under a p...