TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) - CanBanc Income Corp. (the "Corporation") (CIC.TO) 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 2,092,672 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 20,926,722 Shares as of September 24, 2012. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 418,534 Shares, being 2% of the issued and outstanding Shares. Purchases of Shares under the NCIB may commence on October 3, 2012. 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, 2013.
On September 29, 2011, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced October 3, 2011, to purchase up to 2,371,710 Shares through the facilities of the TSX. Under the bid, which expires on October 2, 2012, as at the date hereof, an aggregate of 46,500 Shares were repurchased at a weighted average price of $9.13 per Share excluding commissions.