Southwestern Gold Corporation -
Southwestern Gold normal course issuer bid
Southwestern Gold Corporation SWG
Shares issued 15,298,280 1999-12-17 close $3.3
Monday Dec 20 1999
Mr. George Plewes reports
Southwestern Gold intends to acquire up to one million shares of the company, approximately 9.6 per cent of the 10,381,080 shares comprising the company's public float, by purchasing its own shares through the facilities of the Toronto Stock Exchange at prevailing market prices. As the exchange has accepted the company's notice of intention to make a normal course issuer bid, purchases may occur between Dec. 23, 1999, and Dec. 22, 2000.
Management is of the opinion that the shares of Southwestern are undervalued in the current market and current share prices do not reflect its strong balance sheet and portfolio of highly prospective exploration properties. The company intends to hold all shares acquired under the issuer bid for possible resale at a later date.
Directors and senior officers of the company are not aware of any previously undisclosed material changes or plans or proposals for material changes in the affairs of the company, nor do any of them have the present intention to sell shares of the company during the normal course issuer bid.
The company is limited, pursuant to the policies of the Toronto Stock Exchange on issuer bids, to purchase not more than 305,965 shares (2 per cent of the company's 15,298,280 issued and outstanding shares) during any 30-day period. Shares purchased pursuant to the normal course issuer bid by the company will be acquired at a price that is not higher than the last independent trade of a board lot of common shares of the company.
Pursuant to two prior share buyback programs, the latest of which will expire on Dec. 22, 1999, the company has acquired 1,751,300 shares at an average price of $4.48 per share through the facilities of the Toronto Stock Exchange, of which 660,000 shares have been sold by the company.
WARNING: The company relies on litigation protection for "forward-looking" statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
old url (better for printing) |
