CALGARY, Jan. 14 /CNW/ - NewNorth Projects Ltd. (NNP-TSXV) (the "Company") today announced that it has received acceptance from the TSX Venture Exchange (the "Exchange") in respect of its intention to make a normal course issuer bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 600,000 of the Company's issued and outstanding Common Shares (being approximately 4.9% of the 12,256,098 Common Shares outstanding at January 11, 2010).
The price that the Company will pay for any shares purchased under the Bid will be the prevailing market price of such shares on the Exchange at the time of such purchase and up to a total purchase price of $500,000. Purchases pursuant to the Bid will be made from time to time by Raymond James Limited on behalf of the Company by open market transactions through the facilities of the Exchange. The Bid will commence on January 18, 2010 and will terminate on the earlier of January 17, 2011 or the date on which the Company has acquired all of the shares sought pursuant to the bid, unless terminated earlier by the Company.
Purchases pursuant to the Bid will not exceed 245,000 Common Shares (being approximately 2% of the Company's issued and outstanding Common Shares) in any 30 day period commencing January 18, 2010. All Common Shares purchased by the Company under the Bid will be cancelled.
The Board of Directors of the Company believe that the current and recent market prices of the Company's Common Shares do not give full effect to their underlying value and that, accordingly, the Common Shares may, at such times, represent an attractive investment and an appropriate and desirable use of the Company's available funds.
NewNorth Projects Ltd. is an integrated land and building development corporation operating in Alberta and the Northwest Territories.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The contents of this release have not been approved or disapproved by any securities authority or stock exchanges.
SOURCE NewNorth Projects Ltd.
For further information: For further information: Mr. Greg N. Herndier, Chief Executive Officer at (403) 531-0280