Fancamp Exploration (FNC-V) July 4th 2014 to buy back up to 10.31 million shares
The TSX Venture Exchange has accepted a notice filed by Fancamp Exploration Ltd. of its intention to proceed with a normal course issuer bid.
Under the bid, Fancamp intends to purchase up to 10,310,745 common shares, representing approximately 10 per cent of the public float of the issued and outstanding common shares of Fancamp. Fancamp will cancel any common shares purchased pursuant to the bid. The purchases may commence on July 8, 2014, and will terminate on July 9, 2015, or on such earlier date as Fancamp will have completed its purchases or otherwise decides not to proceed with other acquisitions. Purchases will be made on the open market by Fancamp through the facilities of the exchange in accordance with the exchange requirements. Fancamp will pay the market price for common shares on the exchange at the time of purchase, provided, however, that Fancamp shall not pay a price higher than seven cents per common share, and no purchases of common shares will be made other than open-market purchases.
The board of directors of Fancamp believes that the current market value does not reflect the fair, fundamental value of Fancamp. Fancamp also thinks that the repurchasing of common shares, which it may carry out, from time to time, will be in the best interest of its shareholders.
Fancamp has not purchased any of its shares during the past 12-month period.
MacDougall, MacDougall & MacTier Inc. will conduct the bid on behalf of Fancamp. |
