During the most recently completed six months, the average daily trading volume for the common shares of the Company on the TSX was 217,898 shares. Consequently, under the policies of the TSX, the Company will have the right to repurchase during any one trading day a maximum of 54,474 common shares, representing 25% of the average daily trading volume. In addition, the Company may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of the Company, in accordance with the policies of the TSX.
The Company is renewing its NCIB because it believes that the repurchase of common shares at certain market prices is beneficial to the Company and its shareholders. The Company intends to make any purchases on an opportunistic basis, taking share price and other considerations into account.
Any purchases made pursuant to the NCIB will be made in accordance with the requirements of the TSX. Except for exempt offers, the Company will make no purchases of common shares other than open market purchases during the period of the NCIB.
Under the Company's current NCIB, which expires on
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Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, "forward-looking statements"), which are made in reliance upon the protections provided by such legislation for forward-looking statements. All statements other than statements of historical facts included in this press release, including statements regarding the Company's intention to make a normal course issuer bid (including the details regarding such bid), may constitute forward-looking statements. These forward-looking statements are based on current beliefs, assumptions, expectations, estimates, forecasts and projections made by the Company's management. Words such as "may," "will," "should," "expect," "continue," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "seek" or the negatives of these terms or variations of them or similar terminology are intended to identify such forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements, by their nature, involve risks and uncertainties and are not guarantees of future performance. Readers are cautioned not to place undue reliance on any forward-looking statement. For additional information regarding important factors that could cause actual results to differ materially from those expressed in these forward-looking statements and other risks and uncertainties, and the assumptions underlying the forward-looking statements, you are encouraged to read "Item 3 Key Information - Risk Factors", "Item 5 Operating and Financial Review and Prospects (Management's Discussion & Analysis)" and statements located elsewhere in the Company's annual report on Form 20-F for the year ended
FOR FURTHER INFORMATION CONTACT:
Investor Relations
(t): (416) 526-1563
ross.marshall@loderockadvisors.com
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