CORP. / Western Star Exploration Normal Course Issuer Bid
WESTERN STAR EXPLORATION LTD.
CALGARY, June 12 /CNW/ - Western Star Exploration Ltd. (''Western Star'')
(Trading Symbol: WSX) announced today that The Toronto Stock Exchange has
accepted its notice to make a normal course issuer bid (the ''Bid'') to
purchase, from time to time, as it considers advisable, up to 489,688 of its
9,793,753 currently issued and outstanding common shares (being no greater
than 5% of the issued common shares of Western Star) on the open market
through the facilities of The Toronto Stock Exchange. The price which Western
Star will pay for any shares purchased by it will be the prevailing market
price of such shares on The Toronto Stock Exchange at the time of such
purchase. Common Shares acquired under the Bid will be cancelled.
The Bid will commence on June 17, 1998 and will terminate on June 16,
1999 or such earlier time as the Bid is completed or terminated at the option
of Western Star.
Western Star believes that the acquisition of its common shares
represents an appropriate use of funds as the market price of its common
shares represents a discount to the fair value of such shares. The purchase of
common shares will increase the proportionate interest of, and be advantageous
to, all remaining shareholders. |
