It's official:
SouthernEra Resources Limited - Announces Normal Course Issuer Bid
TORONTO, Sept. 8 /CNW/ - SouthernEra Resources Limited (SUF-TSE)
announced today that The Toronto Stock Exchange has accepted a notice filed by
SouthernEra of its intention to make 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 1,344,294 common
shares, 5% of the 26,885,895 currently issued and outstanding SouthernEra
common shares, over a 12 month period commencing on September 10, 1999 and
ending on September 9, 2000. Common shares purchased by SouthernEra pursuant
to the bid will be cancelled.
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
-30-
For further information: Lyle R. Hepburn, Secretary, Phone:
(416) 350-3525
PHIL |
