TORONTO, Jan. 20, 2012 /CNW/ - (TSXV: GMN) GobiMin Inc. (the "Company"
or "GobiMin") is pleased to announce that, subject to TSX Venture
Exchange approval, it intends to renew its normal course issuer bid to
repurchase some of its common shares on the TSX Venture Exchange,
commencing from February 1, 2012.
For the period from February 1, 2011 to January 31, 2012, the Company had obtained the regulatory approval to acquire up to an
additional 3,294,541 common shares and, as at October 3, 2011, such
number of common shares had been repurchased, for a gross amount of
CAD2,596,825.40 (an average price of CAD0.7882 per share). The
repurchase was conducted by Desjardins Securities Inc..
The Company has applied for regulatory approval to acquire up to an
additional 3,129,814 common shares, representing 5% of the common
shares presently outstanding. Purchases are expected to be made in
accordance with applicable regulations over a maximum period of 12
months ending January 31, 2013. The directors of the Company believe
that the repurchase by the Company of its own shares at the prevailing
market price can, in appropriate circumstances, maximize shareholder
value and be in the best interest of the Company and its shareholders.
Any purchases will be made on that basis. The repurchase will be
conducted by Desjardins Securities Inc.
As at December 31, 2011, GobiMin had approximately USD62.7 million
(CAD63.8 million) in cash and cash equivalent, which represents
approximately USD1.00 (CAD1.02) per share based on the total
outstanding capital of 62,596,296 shares.
GobiMin owns an indirect equity interest of 70% in Xinjiang Tongyuan
Minerals Ltd. for the development of the Sawayaerdun Gold Project in
Xinjiang, China. GobiMin also owns a 40%-50% interest each in four
other base metal joint ventures in Xinjiang and an 8% equity interest
in the Yanxi Copper Deposit. In addition, the Company also holds a 49%
equity interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality
mining and exploration projects.
Certain statements contained in this press release constitute
forward-looking information. Such statements are based on the current
expectations of management of GobiMin. You are cautioned that such
statements are subject to a multitude of risks and uncertainties that
could cause actual results, future circumstances or events to differ
materially from those projected in the forward-looking information.
The reader should not place undue reliance on the forward-looking
information included in this press release given that (i) actual
results could differ materially from a conclusion, forecast or
projection in the forward-looking information, and (ii) certain
material factors or assumptions were applied in drawing a conclusion or
making a forecast or projection as reflected in the forward-looking
information could prove to be inaccurate. These statements speak only
as of the date they are made, and GobiMin assumes no obligation to
revise such statements as a result of any event, circumstance or
otherwise, except in accordance with law. There is no guarantee that
the repurchases mentioned in this press release will be completed in
whole or in part.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
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SOURCE GobiMin Inc.
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