Excellon receives TSX OK for 5.2-million-share buyback
Mr. Brendan Cahill 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 Toronto Stock Exchange at the prevailing market price of the common shares. The company may purchase a maximum of 5,204,331 common shares (or 10 per cent of the total public float as of Nov. 24, 2014) pursuant to the NCIB program. Purchases will be subject to a daily maximum of 7,479 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 calendar months ending Oct. 31, 2014, was 29,920 common shares.
Excellon may make purchases from time to time commencing on Dec. 3, 2014, and ending on Dec. 2, 2015. 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 105,800 common shares at a weighted-average price per security of $1.19 under its previous normal course issuer bid program.
Excellon had 54,912,497 issued and outstanding common shares as at the close of business on Nov. 24, 2014.
We seek Safe Harbor.
© 2014 Canjex Publishing Ltd. All rights reserved.