Subject to regulatory approval, the Corporation proposes to repurchase common shares representing up to 10 percent of the public float of the Corporation during the 12 month period (the “Bid Period”) commencing on or about January 18, 2010, and expiring on January 17, 2011. The Corporation intends to make available a maximum of $18,000,000 to fund the repurchase of common shares during the Bid Period. The Corporation will determine the number of common shares to be repurchased and the timing of such purchases subject to the normal course issuer bid policy of the TSX. All common shares repurchased by the Corporation during the Bid Period will be cancelled.
The Corporation intends to file its Notice of Intention to make a Normal Course Issuer Bid (the “Notice”) with the TSX as soon as possible after making reasonable enquiry of the intention of: (i) associates of directors and senior officers of the Corporation; (ii) persons acting jointly or in concert with the Corporation; and (iii) persons holding 10 percent or more of any class of equity securities of the Corporation, as to whether such persons intend to sell common shares of the Corporation during the Bid Period.
The Board of Directors of the Corporation believes that the Corporation’s common shares have been trading in a price range which does not adequately reflect their value in relation to the Corporation’s business and its future business prospects. As a result, depending upon future price movements and other factors, the Board of Directors of the Corporation believes that the repurchases of the common shares of the Corporation are in the best interest of the Corporation and represent a desirable use of corporate funds.
