Here is the release in its entirety! Good on management to put their money where their mouths are!
Normal course issuer bid
The company is proceeding with a normal course issuer bid whereby it will purchase up to 1,000,000 common shares, representing approximately 5 per cent of the outstanding shares of the company.
The normal course issuer bid will begin on June 1, 1998, and end on June 1,1999, or on such earlier date that the company completes its purchase. All purchases will be effected through the facilities of Nasdaq and/or the Vancouver Stock Exchange. The consideration offered will be cash, payable from the company's current unallocated working capital and from revenues received from production on its St. Albert property in Alberta, Canada, all in accordance with the by-laws and rules of Nasdaq, the Vancouver Stock Exchange and the respective securities and exchange commissions.
The company's directors consider that its shares are trading at a discount to its underlying assets and that the market price is not reflective of its underlying value. The company's directors believe that this is a sound investment that is beneficial to all shareholders of the company and will not preclude the company from pursuing its other business opportunities
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