Excellon Resources Arranges 5.22-Million-Share BUYBACK
Excellon Resources Arranges 5.22-MILLION-share Buyback
2013-11-29 07:19 ET - News Release
An anonymous director reports
EXCELLON RENEWS SHARE BUYBACK PROGRAM
The Toronto Stock Exchange has approved Excellon Resources Inc.'s notice of its intention to make a normal course issuer bid.
The company filed the NCIB program to allow for market purchases of the company's common shares. Pursuant to the terms of the NCIB program, Excellon shall be permitted to purchase common shares for cancellation through the facilities of the TSX at the prevailing market price of the common shares. The company may purchase a maximum of 5,225,271 common shares (or 10 per cent of the total public float) pursuant to the NCIB program. Purchases will be subject to a daily maximum of 6,740 common shares, except where such purchases are made in accordance with the block purchase exception under the TSX company manual. The average daily trading volume for the six-month period ending Oct. 31, 2013, was 26,956 common shares.
Excellon may make purchases from time to time commencing on Dec. 3, 2013, and ending on Dec. 2, 2014. The NCIB program has been implemented to improve shareholder liquidity and trading volumes and to allow purchases of common shares by the company during periods where such common shares are undervalued relative to the company's business and future prospects.
During the past 12 months, the company purchased 232,800 common shares at a weighted-average price per security of $1.59 under its previous normal course issuer bid program.
Excellon had 55,052,897 issued and outstanding common shares as at the close of business on Nov. 20, 2013.
We seek Safe Harbor.
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GLTAL
Cheers
Stanley