TSX Venture Exchange
EDMONTON, Dec. 21 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture Exchange: BRY) a leading Canadian wholesale distributor of industrial drilling fluids, steel products and services, announces that Bri-Chem has received approval from the TSX Venture Exchange to carry out a Normal Course Issuer Bid (the "Bid") pursuant to the provisions of TSX Venture Exchange Policy 5.6.
The Bid will consist of the acquisition by Bri-Chem of up to 807,000 common shares of its capital stock, representing 10% of the public float of 8,072,268 common shares upon the proposed date of commencement of the Bid. There are currently 14,381,786 common shares of Bri-Chem issued and outstanding. The Bid is to commence on December 18, 2009, and will terminate on December 17, 2010 or earlier if the number of shares sought in the Bid have been obtained. Bri-Chem reserves the right to terminate the Bid earlier if it feels it is appropriate to do so. All shares acquired under the Bid will be returned to treasury for cancellation.
Common shares will be purchased at the market price at the time of purchase and will be purchased on behalf of Bri-Chem by Paradigm Capital Inc., Bri-Chem's broker in connection with the Bid, in accordance with the rules and policies of the TSX Venture Exchange.
Under its previous normal course issuer bid that commenced on December 10, 2008 and expired December 9, 2009, Bri-Chem purchased 132,400 common shares through open market purchases on the TSX Venture at an average price per share of $0.82.
Bri-Chem believes that current market conditions provide opportunities for Bri-Chem to acquire common shares at attractive prices and that the repurchase of common shares at current market prices is an appropriate use of corporate funds.
Bri-Chem is a wholesale distributor of industrial drilling fluid supplies and steel products and services to the oil and gas and construction industries. Bri-Chem provides over 100 domestic and foreign drilling fluid products to customers throughout Alberta, British Columbia and Saskatchewan and distributes drill pipe, carbon steel welded pipe, carbon steel seamless pipe, stainless steel welded pipe, stainless steel seamless pipe, tubing & casing, sucker rods, galvanized steel products as well as fittings and flanges. Bri-Chem's customers operate in a wide range of industries, including oil & gas, manufacturing, forestry, agriculture, construction, and mining.
Forward Looking Statements
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "anticipate", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward looking statements. Such forward looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Bri-Chem to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, fluctuations in oil and gas activity levels, political and economic conditions, and the demand for products provided by Bri-Chem.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE BRI-CHEM CORP.
For further information: For further information: Don Caron, T: (780) 420-6885, F: (780) 496-9172, firstname.lastname@example.org