O3 Mining Inc. (TSX.V: OIII)
Announced that the TSX Venture Exchange has accepted the Corporation’s notice to implement a normal course issuer bid to purchase, for cancellation, up to 4,921,389 of its common shares representing approximately 10% of the Corporation’s public float.
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O3 Mining Announces Normal Course Issuer Bid
TSXV:OIII | OTCQX:OIIIF – O3 Mining
TORONTO, Oct. 4, 2022 /CNW/ – O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that the TSX Venture Exchange (the “Exchange”) has accepted the Corporation’s notice to implement a normal course issuer bid (“NCIB”) to purchase, for cancellation, up to 4,921,389 of its common shares (the “Shares”), representing approximately 10% of the Corporation’s “public float”.
The Corporation has received approval from the Exchange to commence the NCIB on October 7, 2022 and continue to October 6, 2023, or earlier in the event that the Corporation has acquired the maximum number of Shares that may be purchased under the NCIB.
The Corporation may also terminate the NCIB earlier if it feels it is appropriate to do so.
The NCIB will be made through the facilities of the Exchange and the purchase and payment for the Shares will be made in accordance with the Exchange requirements at the market price of the Shares at the time of acquisition.
All Shares purchased by the Corporation under the NCIB will be cancelled. The Corporation repurchased 619,100 Shares on the Exchange under its prior normal course issuer bid, which expired on September 30, 2022.
The Corporation has engaged CIBC World Markets Inc. to act as its agent to conduct the NCIB transactions.
Management believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the NCIB is in the best interests of the Corporation, a desirable use of its available cash, and will enhance shareholder value in general.
To the knowledge of the Corporation, no director, senior officer or other insider of the Corporation currently intends to sell any shares under the NCIB.
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To read the full news release, please click HERE
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.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Disclosure
At the time of writing the author holds shares in O3 Mining, bought in the market at the prevailing price on the days of purchase.
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