Imperial Metals Announces Normal Course Issuer Bid
VANCOUVER, British Colombia, April 15, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) announces the Toronto Stock Exchange (the “TSX”) has accepted the Company’s Notice of Intention to make a Normal Course Issuer Bid (the “Bid”) to be transacted through the facilities of the TSX or alternative Canadian market places.
Pursuant to the Bid, the Company may purchase up to 635,552 common shares, which represents 0.50% of the total 127,110,479 common shares of the Company issued and outstanding as of April 12, 2019. Purchases will be made, at the discretion of the Company at prevailing market prices, commencing April 17, 2019 and ending no later than April 16, 2020. Pursuant to TSX policies, daily purchases made by the Company will not exceed 17,523 common shares or 25% of the Company’s average daily trading volume of 70,093 common shares on the TSX, subject to certain prescribed exceptions.
The shares acquired under the Bid will be used to satisfy the Company’s obligations under its Non-Management Directors’ Plan and Share Purchase Plan (the “Plans”). The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company. In the previous 12 months, the Company has repurchased 349,641 of its outstanding common shares at the average price per share of $1.71. The maximum number of common shares sought and approved by the TSX under the terms of the previous Bid was 525,864. The common shares have or will be allocated to satisfy the Company’s obligations under the Plans. A copy of the Company’s Notice filed with the TSX may be obtained, by any shareholder without charge, by contacting the Company’s Chief Financial Officer.
Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns the Red Chris, Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 50% interest in the Ruddock Creek lead/zinc property. Imperial recently announced an agreement with Newcrest to sell a 70% interest in Red Chris to Newcrest for US$806.5 million, while retaining a 30% interest in the mine. The Company and Newcrest will form a joint venture for the operation of the Red Chris mine going forward, with Newcrest acting as the operator.
Brian Kynoch | President | 604.669.8959
Andre Deepwell | Chief Financial Officer | 604.488.2666
Forward-Looking Information and Risks Notice
This news release contains “forward-looking information” or “forward-looking statements” within the meaning of Canadian and United States Securities Laws, which we will refer to as “forward-looking information”. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking information, including the Company’s intentions with respect to the Bid, and the purchases and funding of such purchases thereunder.
With respect to forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, that the Company will complete purchases of common shares pursuant to the Bid.
The Company’s actual results could differ materially from those anticipated in its forward-looking information as a result of the risk factors set forth above and elsewhere in this news release, along with the risks that are set out in the Company’s current Management’s Discussion & Analysis filed on SEDAR at www.sedar.com.
The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. Such information is given only as of the date of this news release. The Company does not assume any obligation to update its forward-looking information to reflect new information, subsequent events or otherwise, except as required by law.