Newmac Resources Inc. (TSX-V: NER) “Newmac” announces that the TSX Venture Exchange has approved the company’s application for a normal course issuer bid.
The notice provides that the Company intends to purchase up to 1,532,004 of its common shares by way of normal course purchases through the facilities of the TSX-Venture Exchange, representing 5% of the Company’s outstanding common shares. The actual number of shares and the timing of the purchases will be determined by Newmac.
Purchases pursuant to the bid will be conducted by Bolder Investment Partners Ltd., in accordance with the policies of the Exchange. The Company will pay the market price for the shares at the time of purchase. Purchased shares will be held for investment purposes.
Newmac believes that the market price of its common shares is such that their purchase may be an attractive and appropriate use of corporate funds in light of potential benefits to remaining shareholders.
David Schmidt states, “We believe that with the company’s current assets, specifically our Crazy Fox Project, the current valuation of the company is extremely attractive for the repurchase of our shares.”.
ON BEHALF OF THE BOARD
Telephone (604) 688-3113
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Newmac Resources Inc.’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.