Share buy back - actual news releasePACIFIC COAL RESOURCES LTD. ANNOUNCES INTENTION TO MAKE A NORMAL COURSE ISSUER BID
7/4/2011 7:30 AM - Canada NewsWire
TORONTO, Jul 4, 2011, 2011 (Canada NewsWire via COMTEX News Network) --
Pacific Coal Resources Ltd. (TSXV: PAK) announced today that it has filed a Notice of Intention to commence a normal course issuer bid with the TSX Venture Exchange (the "TSXV"). Under the bid, which is subject to acceptance by the TSXV, the Company will have the right to purchase for cancellation up to a maximum of 10% of common shares in the capital of the Company (the "Common Shares") that comprise the Company's Public Float (as such term is defined in the TSXV Corporate Finance Manual) through the facilities of the TSXV.
There are a total of 333,202,406 Common Shares issued and outstanding as of the date hereof. Management of the Company will determine the actual number of Common Shares that may be purchased and the timing of any such purchases, subject to compliance with applicable TSX rules. Purchases made pursuant to the bid will be made in the open market through the facilities of the TSXV and the price that the Company will pay for any such Common Shares will be the market price at the time of the acquisition.
The Company is proposing to commence the bid on July 4, 2011, and have it remain open until the earlier of July 4, 2012 or the date on which the Company has purchased the maximum number of Common Shares permitted under the bid. The Company has not purchased any Common Shares during the previous year pursuant to any issuer bid.
The Company intends to make the bid because it believes that (i) the Common Shares may be undervalued from time to time in relation to its current and future business prospects, and (ii) the Common Shares may become available during the period of the bid at prices that would make the purchase of such Common Shares for cancellation an appropriate use of available funds and in the best interests of the Company and its shareholders