Gentry announces amendment to normal course issuer bid
CALGARY, June 13 /CNW/ - Gentry Resources Ltd. is pleased to announce that it intends to amend the normal course issuer bid that was commenced July 26, 1999 through the facilities of the Toronto Stock Exchange. The original
bid provided for the purchase of up to 900,000 of its issued and outstanding Common Shares. This amount represented less than 5% of the 18,254,732 issued and outstanding Common Shares of Gentry on that date. The Amended Normal
Course Issuer Bid will provide for the purchase of 1,400,000 of Gentry's issued and outstanding Common Shares, which is just under 10% of the public float on July 26, 1999. All the other terms of the original bid will remain
the same.
To date, Gentry has purchased 897,000 Common Shares at an average price of $0.39 per share. Most of these shares have subsequently been returned to Treasury.
The reason for the normal course issuer bid is that Gentry believes that from time to time the market price of the Common Shares may not reflect the underlying value of such shares and that, at such times, the purchase of
Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, any
purchases made by Gentry will afford increased liquidity to those shareholders of the Corporation who may wish to dispose of their Common Shares.
For further information: Hugh Ross, President & Chief Executive Officer; Ketan Panchmatia, Chief Financial Officer, Phone (403) 264-6161, Fax (403)
266-3069, Website: www.gentryresources.com, Email:
gentry@gentryresources.com.
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