Imperial Announces Normal Course Issuer Bid
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2010) - Imperial Metals Corporation (TSX:III) announces that the Toronto Stock Exchange (the "TSX") has accepted for filing the Company's Notice for its normal course issuer bid (the "Bid") to be transacted through the facilities of the TSX.
Pursuant to the Bid, the Company may purchase up to 1,472,290 common shares, which represents approximately 4% of the total 36,807,258 common shares of the Company issued and outstanding as of September 9, 2010. Purchases will be made, at the discretion of the Company at prevailing market prices, commencing September 23, 2010 and ending no later than September 22, 2011. Pursuant to TSX policies, daily purchases made by the Company will not exceed 18,727 common shares or 25% of the Company's average daily trading volume of 74,908 common shares on the TSX, subject to certain prescribed exceptions. The shares acquired under the Bid will either be cancelled or used to satisfy the Company's obligations under its Non-Management Directors' Plan ("the Plan"). The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
The Board of Directors believes the underlying value of the Company may not be reflected in the current market price of its common shares, and the Board has determined that the Bid is in the best interest of the Company and its shareholders. In the previous 12 months, the Company has repurchased 6,000 of its outstanding common shares at the average price per share of $16.60. Of this amount, 6,000 common shares have or will be allocated to satisfy the Company's obligations under the Plan.
A copy of the Company's Notice filed with the TSX may be obtained, by any shareholder without charge, by contacting the Company's Chief Financial Officer.
Imperial is a mine development and operating company based in Vancouver, British Columbia. The Company's key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia, the development stage Red Chris property in northwest British Columbia, and the development stage Sterling gold property in southwest Nevada. |
