ALS provides example of why/when to buy back shareAltius Minerals Corp. will purchase at market price up to 1,421,644 common shares, being approximately 5 per cent of its outstanding shares of 28,432,895 as of Dec. 22, 2009, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange. The bid is subject to regulatory approval.
The bid will commence on Jan. 4, 2010, and will end no later than Jan. 3, 2011. Any shares purchased during the normal course issuer bid will be cancelled and returned to treasury. The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of approximately 15,483 common shares under the company's repurchase program.
During the previous 12 months, Altius purchased 91,800 shares at a weighted-average price of $5.35 through a normal course issuer bid. All of the shares purchased under that bid have been cancelled and returned to treasury. The reason for the bid is that, in the opinion of the board of directors, the value of Altius, based on anticipated cash flows and underlying asset values, is from time to time greater than the total market price of the common shares. Accordingly, the acquisition of common shares under the bid represents an appropriate use of funds.
Current share price >$8.50.
Respectfully,
JA_P