Well, well, well, Nice to see, I think
Attention Business Editors:
SouthernEra Resources Limited - Announces Normal Course Issuer Bid
TORONTO, Aug. 23 /CNW/ - SouthernEra Resources Limited (SUF-TSE)
announced today that, subject to regulatory approval, it intends to initiate a normal course issuer bid for the purchase of its common shares through the facilities of The Toronto Stock Exchange. Purchases made pursuant to the bid will not exceed 5% of the total number of outstanding SouthernEra common shares over a 12 month period commencing upon regulatory approval.
The price paid for any common shares will be the market price of the
common shares at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by SouthernEra.
SouthernEra believes that its common shares have been trading in a price
range which does not adequately reflect their value in relation to SouthernEra's assets, business and future business prospects. As a result, depending upon future price movements and other factors, SouthernEra believes that its outstanding common shares may represent a desirable use of a portion of its available funds.
%SEDAR: 00004535E
-0- 08/23/1999
For further information: please contact: Lyle R. Hepburn, Secretary, (416) 350-3525
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