Very pleased with this!BIOX announces TSX approval of normal course issuer bid
TSX symbol: BX
TORONTO, Nov. 18, 2011 /CNW/ - BIOX Corporation (BIOX) (TSX: BX), arenewable energy company that designs, builds, owns and operatesbiodiesel production facilities, today announced that the Toronto StockExchange ("TSX") has accepted BIOX's notice of intention to make anormal course issuer bid for its outstanding common shares (the"Shares").
The notice provides that BIOX may, during the 12 month period commencingNovember 22, 2011, and ending no later than November 21, 2012,purchase, through the facilities of the TSX, up to 3,004,504 Shares intotal, being approximately 10% of the "public float" of the Shares. Theprice that BIOX will pay for any such shares will be the market priceof the Shares on the TSX at the time of acquisition. During the periodof the NCIB, BIOX may make purchases under the NCIB by means of openmarket transactions or otherwise as permitted by the TSX. The actualnumber of Shares which may be purchased pursuant to the NCIB and thetiming of any such purchases will be determined by senior management ofBIOX. Daily purchases under the NCIB will be limited to 16,872 Shares.All Shares purchased under the bid will be cancelled. There have beenno previous purchases of Shares by BIOX.
As of November 17, 2011, there were 45,748,691 Shares outstanding.
BIOX believes that the Shares may from time to time trade in a pricerange that does not adequately reflect the value of the Shares inrelation to its activities and future prospects. As a result, BIOXbelieves that the purchase of Shares, from time to time, would be anappropriate use of corporate funds in light of potential benefits toremaining shareholders.