Perlite Canada Inc. Announces Commencement of Normal Course Issuer Bidadmin
Perlite Canada inc. announces that it has filed with the TSX Venture Exchange and the Exchange has accepted, a notice of intention to proceed with a normal course issuer bid. Under its normal course issuer bid, Perlite intends to purchase up to 771,105 common shares, representing approximately 10% of the public float of the common shares issued and outstanding as of September 11, 2009. As of September 11, 2009, 10,814,059 common shares were issued and outstanding. Perlite will cancel any common shares purchased pursuant to the normal course issuer bid. The purchases may commence on September 21, 2009 and will terminate on September 20, 2010 or on such earlier date as Perlite will have completed its purchases or otherwise decides not to proceed with other acquisitions. Purchases will be made on the open market by Perlite through the facilities of the Exchange in accordance with the Exchange requirements. Perlite will pay the market price of common shares on the Exchange at the time of purchase and no purchases of common shares will be made other than open-market purchases.
Perlite considers that its common shares are currently undervalued and that repurchasing such shares is a sound business and financial decision and a good and reasonable use of Perlite’s cash.
During the financial year ended October 31, 2008 Perlite redeemed and cancelled a total of 16 000 common shares within the context of a Normal Course Issuer Bid for a cash consideration of $4,010 excluding commission fees, being an average purchase price of $0,25 per share. No share has been redeemed by Perlite during the current financial year.
Canaccord Capital Inc. will conduct the normal course issuer bid on behalf of Perlite.
Perlite Canada Inc. specializes in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.
The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.