I never understood why junior miners buyback shares?
Nov 23, '15 - NR
Strategic Metals (SMD-V) announces that it is making a new Normal Course Issuer Bid pursuant to the provisions of TSX Venture Exchange Policy 5.6, to succeed its existing Normal Course Issuer Bid, as accepted by the TSX Venture Exchange on November 21, 2014.
Strategic has purchased 624,500 shares under the Old Bid, which will expire on November 25, 2015, at an average price of $0.2699 per share. The New Bid will consist of the acquisition by Strategic of up to 6,800,000 common shares of its capital stock, representing approximately 10% of the "public float" of 68,760,833 common shares upon the date of commencement of the New Bid. (There are currently 86,996,351 common shares of Strategic issued and outstanding.) The New Bid will commence on November 26, 2015, and will expire on November 25, 2016.
Strategic is making the New Bid, to succeed the Old Bid (which was limited to an aggregate of 6,900,000 common shares), because it is of the opinion that fluctuating global market conditions periodically (and currently) may result in unwarranted reductions in Strategic's share price that do not reflect the underlying value of its assets. Strategic will utilize unallocated cash resources to effect purchases under the New Bid with a view to capitalizing on these potential price weaknesses. Shares purchased under the New Bid will be made at Management's discretion based on market conditions, and will be returned to Strategic's treasury for cancellation.
The New Bid will be conducted on behalf of Strategic by PI Financial Corp., of Suite 1900 - 666 Burrard Street, Vancouver, B.C.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
Corporate Information
Strategic Metals Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Investor Inquiries
Richard Drechsler
V.P. Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@strategicmetalsltd.com
http://www.strategicmetalsltd.com |
