TORONTO, ONTARIO--(Marketwired - Oct. 1, 2013) -
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
CanBanc Income Corp. (the "Corporation") (TSX:CIC) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 1,990,678 equity shares ("Shares") of the Corporation, representing approximately 10% of the public float which is the same number as the Corporation's issued and outstanding Shares, being 19,906,781 Shares as of September 20, 2013. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 398,135 Shares, being 2% of the issued and outstanding Shares. Purchases of Shares under the NCIB may commence on October 3, 2013. First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Shares purchased by the Corporation pursuant to the NCIB will be cancelled. The NCIB will expire on October 2, 2014.
On October 1, 2012, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced October 3, 2012, to purchase up to 2,092,672 Shares through the facilities of the TSX. Under the bid, which expires on October 2, 2013, as at the date hereof, an aggregate of 64,300 Shares were repurchased at a weighted average price of $9.60 per Share excluding commissions.