VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 10, 2013) - Imperial Metals Corporation (III.TO) - Imperial announces that the Toronto Stock Exchange (the "TSX") has accepted the Company's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to be transacted through the facilities of the TSX and other Canadian market places.
Pursuant to the Bid, the Company may purchase up to 2,012,378 common shares, which represents 2.7% of the total 74,532,518 common shares of the Company issued and outstanding as of October 2, 2013. Purchases will be made, at the discretion of the Company at prevailing market prices, commencing October 15, 2013 and ending no later than October 14, 2014. Pursuant to TSX policies, daily purchases made by the Company will not exceed 11,258 common shares or 25% of the Company's average daily trading volume of 45,034 common shares on the TSX, subject to certain prescribed exceptions. The shares acquired under the Bid will either be cancelled or used to satisfy the Company's obligations under its Non-Management Directors' Plan and Share Purchase Plan (the "Plans"). The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
The Board of Directors believes the underlying value of the Company may not be reflected in the current market price of its common shares, and the Board has determined that the Bid is in the best interest of the Company and its shareholders. In the previous 12 months, the Company has repurchased 53,300 of its outstanding common shares at the average price per share of $12.08. The common shares have or will be allocated to satisfy the Company's obligations under the Plans.
A copy of the Company's Notice filed with the TSX may be obtained, by any shareholder without charge, by contacting the Company's Chief Financial Officer.
Imperial is an exploration, mine development and operating company based in Vancouver, British Columbia. The Company operates the Mount Polley copper/gold mine in British Columbia and the Sterling gold mine in Nevada. Imperial has 50% interest in the Huckleberry copper/molybdenum mine and has 50% interest in the Ruddock Creek lead/zinc property, both in British Columbia. The Company is in development of its wholly owned Red Chris copper/gold property in British Columbia.
Cautionary Note Regarding "Forward-Looking Information"
This press release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian and United States Securities Laws, which we will refer to as "forward-looking information". Except for statements of historical fact relating to the Company, including our 50% interest in Huckleberry, certain information contained herein constitutes forward-looking information.
When we discuss production from Mount Polley mine or Sterling mine; our share of planned production from Huckleberry mine; proven/probable mineral reserve estimates for Huckleberry and Mount Polley mines and Red Chris; indicated/measured mineral resource estimates for Huckleberry and Mount Polley mines, Red Chris, Sterling, and Ruddock Creek properties; planned exploration programs and activities; costs and timing of current and proposed development, production and marketing; future prices of copper and gold; or other matters that have not yet occurred we are providing information considered to be forward-looking information under Canadian and United States Securities Laws.
The forward-looking information in this presentation may include words and phrases about the future, such as: plan, expect, forecast, intend, anticipate, estimate, budget, scheduled, believe, may, could, would, might or will. We can give no assurance the forward-looking information will prove to be accurate. It is based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations; no material adverse change in the market price of commodities or exchange rates; that the mining operations will operate and the mining projects will be completed in accordance with their estimates and achieve stated production outcomes; and such other assumptions and factors as set out herein.
It is also subject to risks associated with our business, including but not limited to: risks inherent in the mining and metals business; commodity price fluctuations and hedging; competition for mining properties; sale of products and future market access; mineral reserves and recovery estimates; currency fluctuations; interest rate risks; financing risks; regulatory and permitting risks; environmental risks; joint venture risks; foreign activity risks; legal proceedings; and other risks which are set out in our Annual Information Form and the Management's Discussion & Analysis in the 2012 Annual Report.
If our assumptions prove to be incorrect or risks materialize, our actual results and events may vary materially from what we currently expect as set out in the information provided in this press release. We recommend you review our Annual Information Form and the Management's Discussion & Analysis in the 2012 Annual Report, which include a discussion of material risks that could cause actual results to differ materially from our current expectations. Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.