Portfolio Stock / Case Resources
FOR: CASE RESOURCES INC.
TSX SYMBOL: CAZ
FEBRUARY 18, 2003 - 16:39 EST
Case Resources Announces Issuer Bid
Case Resources Inc. (the "Corporation") today announced the TSX Exchange has accepted its Notice of Intention to Make a Normal Course Issuer Bid. Under the terms of the Bid, the Corporation is authorized to buy back, for cancellation, up to 3,000,000 of its issued and outstanding Common Shares which is approximately 5% of the 60,792,679 Common Shares outstanding at this time. Any Common Shares acquired by the Corporation under the Issuer Bid will be cancelled. Although the Corporation has a present intention to acquire Common Shares, it is not obligated to make any purchases to the Issuer Bid.
The Bid commences on March 1, 2003 and will end on February 29, 2004. All purchases will be effected at market prices through the facilities of the TSX Exchange.
The Corporation believes the purchase of its Common Shares represents an appropriate use of funds because the market price of its Common Shares represents a significant discount to the fair value of such shares.
The purchase of and payment for the Common Shares will be made by Case in accordance with the policies and rules of the TSX.
Shareholders may obtain a copy of the Notice of Intention to Make a Normal Course Issuer Bid, without charge, by contacting the Corporation. This notice may also be obtained at www.sedar.com.
Case Resources Inc. is a Calgary based oil and gas company whose common shares are listed on The Toronto Stock Exchange under the symbol "CAZ". |
