TORONTO, June 2, 2014 /CNW/ - Wesdome Gold Mines Ltd. ("Wesdome" or the "Company") (TSX: WDO) announced today that the Toronto Stock Exchange (the "TSX") has approved notice of its intention to make a normal course issuer
Pursuant to the terms of the bid, Wesdome may purchase its own common
shares (the "Shares") or convertible debentures (the "Debentures" and collectively with the Shares, the "Securities") for cancellation through the facilities of the TSX at the prevailing
market price of the Shares and the Debentures, as applicable. The
number of Securities purchased by Wesdome will in no event be in excess
of: (i) 8,601,626 Shares, being approximately 10% of its "public float"
and (ii) $351,050 principal amount of Debentures, being approximately
5% of the principal amount of Debentures issued and outstanding.
Purchases will be subject to a daily maximum of 22,568 Shares and
$1,000 principal amount of Debentures, except where such purchases are
made in accordance with the "block purchase" exemptions under
applicable TSX policy. Wesdome will effect purchases at varying times
commencing on or after June 4, 2014 and continuing until no later than
June 3, 2015.
Wesdome's previous normal course issuer bid expired on or about March 5,
2014. Pursuant to that bid, Wesdome acquired, through the facilities of
the TSX, 91,200 Shares at a weighted average price of $0.55 per Share.
In addition to providing securityholders liquidity, Wesdome believes
that the Securities have been trading in a price range which does not
adequately reflect the value of such securities in relation to the
Company's business and its future prospects. As a result, Wesdome
believes that its outstanding Securities may represent an attractive
As at the close of business on May 30, 2014, Wesdome had 111,147,591
Shares and $7,021,000 aggregate principal amount of Debentures issued
This news release contains "forward-looking information" which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words
and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or
results or otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update
forward-looking statements if circumstances, management's estimates or
opinions should change, except as required by securities legislation.
Accordingly, the reader is cautioned not to place undue reliance on
SOURCE: Wesdome Gold Mines Ltd.
For further information:
President and Chief Executive Officer
8 King Street East, Suite 1305
Toronto, Ontario M5C-1B5
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620
Email: firstname.lastname@example.org, Website: www.wesdome.com