Hi out there,
Some peripheral news about some foolish company that owns 22% of this turkey.
Sheldon
Westfield <WFD.TO> announcement/stock buyback
JANUARY 22, 1998
Westfield Minerals Limited Plans to Repurchase Common Shares
VANCOUVER, BRITISH COLUMBIA--Westfield Minerals Limited ("Westfield") has filed notice with The Toronto Stock Exchange relating to the repurchase, by Westfield, of certain of its issued and outstanding Common Shares, pursuant to a Normal Course Issuer Bid to be undertaken pursuant to the rules and by-laws of the Exchange. The Corporation has been informed that The Toronto Stock Exchange has accepted its notice to make a Normal Course Issuer Bid for its common shares.
As at January 15, 1998, there were 15,608,305 common shares of Westfield issued and outstanding. In connection with the Normal Course Issuer Bid being undertaken in respect of the Common Shares, Westfield may purchase up to 750,000 common shares or 4.81 percent of the total number of Common Shares currently outstanding during the period from January 26, 1998 to January 25, 1999.
The directors of Westfield continue to believe that recent market prices of Westfield's Shares do not adequately reflect the underlying value of its assets and its future prospects.
The directors have concluded that the ongoing purchase for cancellation by Westfield of certain of its outstanding Common Shares at prevailing market prices is an attractive investment opportunity and in the best interest of Westfield and its shareholders. As a result of such purchases, the number of issued Shares will be decreased and, consequently, the proportionate interest of all remaining shareholders will be increased on a pro-rata basis.
Westfield Minerals Limited is a Canadian-based natural resources and investment company whose primary investment activity is investing in natural resource businesses. Westfield holds a 22.2 percent interest in Northgate Exploration Limited <NGX.TO> as well as $26.47 million in cash and short term marketable securities.
FOR FURTHER INFORMATION PLEASE CONTACT:
Westfield Minerals Limited Terry A. Lyons President (604) 669-3141
22:23 01-22-98
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