VANCOUVER, April 15 /CNW/ - NEMI Northern Energy & Mining Inc. (TSX: NNE.A) announced today that it is renewing its normal course issuer bid. Under the bid, which will be conducted pursuant to the rules of the Toronto Stock Exchange ("TSX"), the Company may purchase up to 2,748,812 of its Class A common shares (the "Common Shares") representing approximately 5% of the Company's issued and outstanding Common Shares.
The bid will commence April 19, 2010 and will expire April 18, 2011 or such earlier date as the Company may complete its purchases. The price at which the Company will purchase its shares will be the market price thereof at the time of acquisition. Purchases of Common Shares will be made in the open market through the facilities of the TSX. The Company may purchase a daily maximum of 21,815 Common Shares. Common Shares acquired by the Company will be cancelled, except for up to 800,000 Common Shares which will be held for the sole purpose of being issued upon the valid exercise of stock options under the Company's Incentive Stock Option Plan. The Company has 54,976,258 Common Shares issued and outstanding as of April 12, 2010. During the previous 12 months, the Company acquired 2,893,487 of its Common Shares at an average price of $0.39 per share by way of a normal course issuer bid.
The Board of Directors of the Company believes that the current market price of the Common Shares may not fully reflect the value of the Company's business and its future business prospects. As a result, the Board has concluded that the purchase of the Common Shares may represent an appropriate and desirable use of the Company's funds and further enhance market stability.
This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. We seek safe harbour.
SOURCE NEMI NORTHERN ENERGY & MINING INC.
For further information: For further information: Michael Cooney, Director, NEMI Northern Energy & Mining Inc., (T) (604) 684-1554, (T) (415) 339-8825, (F) (604) 684-1556, E-mail: email@example.com