News Release: Share buy back
Etruscan Enterprises Ltd. - News Release - January 27, 1998
TSE, VSE Symbol: EET
Notices Filed Regarding Normal Course Issuer Bid
January 27, 1998, Dartmouth, Nova Scotia
Etruscan Resources Inc. (EET.TSE) announced today that the
Toronto and Vancouver stock exchanges have accepted notices
filed by the Corporation of its intention to make normal
course issuer bids.
The notices provide that the Company may, during the 12 month
period commencing January 30, 1998 and ending January 29, 1999,
purchase on the Toronto and Vancouver stock exchanges up to
1,500,000 shares in total, being approximately 4.18% of the
outstanding common shares, subject to a maximum aggregate
expenditure by the Corporation of approximately $9 million.
The price which the Corporation will pay for any such shares
will be the market price at the time of acquisition. The
actual number of common shares which may be purchased and the
timing of any such purchases will be determined by the
Corporation. There are approximately 35,862,467 shares of the
Corporation outstanding.
The Corporation believes that its common shares have been
trading in a price range which does not adequately reflect
their value in relation to the Corporation's business and its
future business prospects. As a result, depending upon the
future price movements and other factors, the Corporation
believes that its outstanding common shares may represent an
attractive investment and a desirable use of a portion of its
available funds.
Etruscan Resources Inc. is directly and through its
subsidiaries involved in the acquisition, exploration and
development of mineral properties in West Africa. The common
shares of Etruscan are traded on The Toronto Stock Exchange and
the Vancouver Stock Exchange under the symbol "EET". Etruscan
is 5.6% (2,006,834 shares) beneficially owned by NovaGold
Resources Inc. which is listed on The Toronto Stock Exchange
under the symbol "NRI" and 11.6% (4,175,275 shares) by Placer
Dome Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
OF ETRUSCAN ENTERPRISES LTD.
Gerald J. McConnell, Chief Executive Officer
The Vancouver Stock Exchange has neither approved nor
disapproved of the contents of this news release.
__________________________________________________________________________
For more information contact:
Angus G. MacIsaac, Dartmouth, Nova Scotia (902) 468-9270
Pierre Besuchet, Geneva, Switzerland (22) 732 53 55
Tony Hayes, Toronto, Ontario (416) 368-0882
More extensive information on Etruscan,
can be found on our home page at etruscan.com
Head Office
Suite 300, 3 Spectacle Lake Drive
Dartmouth, Nova Scotia, Canada
B3B 1W8
Phone: (902) 468 9270
Fax: (902) 468 9279
E-mail: info@etruscan.com
Website: etruscan.com
c Copyright Etruscan Enterprises Ltd.
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