Vancouver, British Columbia (FSCwire) - Strategic Metals Ltd. (TSX-V: SMD) (“Strategic”) announces that it is making a new Normal Course Issuer Bid (the “New Bid”) pursuant to the provisions of TSX Venture Exchange Policy 5.6, to succeed its existing Normal Course Issuer Bid (the “Old Bid”), as accepted by the TSX Venture Exchange on November 23, 2015.
Strategic has purchased no shares under the Old Bid, which expired on November 25, 2016. The New Bid will consist of the acquisition by Strategic of up to 7,100,000 common shares of its capital stock, representing approximately 10% of the “public float” of 71,079,133 common shares upon the date of commencement of the New Bid. (There are currently 89,155,151 common shares of Strategic issued and outstanding.) The New Bid will commence on December 1, 2016, and will expire on November 30, 2017.
Strategic is making the New Bid, to succeed the Old Bid (which was limited to an aggregate of 6,800,000 common shares), because it is of the opinion that fluctuating global market conditions periodically (and currently) may result in unwarranted reductions in Strategic’s share price that do not reflect the underlying value of its assets. Strategic will utilize unallocated cash resources to effect purchases under the New Bid with a view to capitalizing on these potential price weaknesses. Shares purchased under the New Bid will be made at Management’s discretion based on market conditions, and will be returned to Strategic’s treasury for cancellation.
The New Bid will be conducted on behalf of Strategic by PI Financial Corp., of Suite 1900 - 666 Burrard Street, Vancouver, B.C.
