TSX: WDO
TORONTO, Aug. 5, 2011 /CNW/ - Wesdome Gold Mines Ltd. ("Wesdome")announced today that the Toronto Stock Exchange (the "TSX") hasapproved notice of its intention to make a normal course issuer bid.
Pursuant to the terms of the bid, Wesdome may purchase its own commonshares (the "Shares") for cancellation through the facilities of theTSX at the prevailing market price of the Shares. The number of Sharespurchased by Wesdome will in no event be in excess of 9,999,409 Shares,being approximately 10% of its "public float". Purchases will besubject to a daily maximum of 28,997 Shares, except where suchpurchases are made in accordance with the "block purchase" exemptionsunder applicable TSX policy. Wesdome will effect purchases at varyingtimes commencing on or after August 8, 2011 and continuing until nolater than August 7, 2012.
Wesdome's previous normal course issuer bid expired on July 13, 2011,2011. Pursuant to that bid (July 14, 2010 to July 13, 2011), Wesdomeacquired, through the facilities of the TSX, 37,800 Shares at aweighted average price of $2.54 per Share.
In addition to providing shareholders liquidity, Wesdome believes thatits Shares have been trading in a price range which does not adequatelyreflect the value of such shares in relation to the company's businessand its future prospects. As a result, Wesdome believes that itsoutstanding Shares may represent an attractive investment.
As at the close of business on August 5, 2011, Wesdome had 101,922,659Shares issued and outstanding.
This news release contains "forward-looking information" which mayinclude, but is not limited to, statements with respect to the futurefinancial or operating performance of the Company and its projects.Often, but not always, forward-looking statements can be identified bythe use of words such as "plans", "expects", "is expected", "budget","scheduled", "estimates", "forecasts", "intends", "anticipates", or"believes" or variations (including negative variations) of such wordsand phrases, or state that certain actions, events or results "may","could", "would", "might" or "will" be taken, occur or be achieved.Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by the forward-looking statements. Forward-looking statementscontained herein are made as of the date of this press release and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults or otherwise. There can be no assurance that forward-lookingstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. The Company undertakes no obligation to updateforward-looking statements if circumstances, management's estimates oropinions should change, except as required by securities legislation.Accordingly, the reader is cautioned not to place undue reliance onforward-looking statements.