CALGARY, Aug. 20 /CNW/ - Humboldt Capital Corporation (TSX-V: HMB)
Humboldt Capital Corporation announced today that it has received
approval from the TSX Venture Exchange (the "Exchange") to make a Normal
Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time,
as it considers advisable, up to 605,000 of the issued and outstanding Common
Shares (being approximately 5% of the 12,119,595 Common Shares outstanding at
August 20, 2009). Purchases will be made on the open market through the
facilities of the Exchange. CIBC Wood Gundy will conduct the Bid on behalf of
Humboldt. The price which Humboldt will pay for any shares purchased by it
will be the prevailing market price of such shares on the Exchange at the time
of such purchase.
Pursuant to Normal Course Issuer Bids, during the previous 12 months,
Humboldt purchased 112,500 Common Shares at an average price of $1.71 per
The Bid will commence on August 24, 2009 and will terminate on August 23,
2010, or such earlier time as the applicable Bid is completed or at the option
The Board of Directors of Humboldt believe that the current and recent
market prices of Humboldt's shares do not give full effect to their underlying
value and that, accordingly, the purchase of shares will increase the
proportionate share interest of, and be advantageous to, all remaining
shareholders. The normal course purchases will also afford an increased degree
of liquidity to Humboldt shareholders who would like to dispose of their
Further information regarding financial and operating results may be
obtained at www.sedar.com, where the Company's MD&A and financial statements
will be filed this week.
Forward-looking statements - the press release today contains
"forward-looking" information. Actual results could differ materially from the
conclusions, forecasts or projections in the forward-looking information.
Certain material factors and assumptions were applied in drawing the
conclusions or making the forecasts or projections as reflected in the
forward-looking information. Additional information about the material factors
that could cause actual results to differ materially from the conclusion,
forecast or projection in the forward-looking information and the material
factors or assumptions that were applied in drawing the conclusion or making
the forecast or projection as reflected in the forward-looking information is
contained in the press release.
Where amounts are expressed on a barrel of oil equivalent (boe) basis,
natural gas volumes have been converted to barrels of oil at six thousand
cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly
if used in isolation. A boe conversion of six thousand cubic feet per barrel
is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead.
References to oil in this discussion include crude oil and natural gas liquids
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: R.W. Lamond, Chairman of the Board - or - C.A.
(Tony) Teare, Executive Vice President, HUMBOLDT CAPITAL CORPORATION,
Telephone: (403) 269-9889, Fax: (403) 269-9890, TSX-V: HMB