TORONTO, June 23 /CNW/ - Wesdome Gold Mines Ltd. ("Wesdome") announced
today that the Toronto Stock Exchange (the "TSX") has approved notice of its
intention to make a normal course issuer bid.
Pursuant to the terms of the bid, Wesdome will purchase its own Common
Shares (the "Shares") for cancellation through the facilities of the TSX at
the prevailing market price of the Shares. The number of Shares purchased by
Wesdome will in no event be in excess of 7,151,772 Shares, being approximately
10% of its "public float". Purchases will be subject to a daily maximum of
25,255 Shares, except where such purchases are made in accordance with the
"block purchase" exemptions under applicable TSX policy. Wesdome will affect
purchases at varying times commencing on or after June 25, 2009 and continuing
until no later than June 24, 2010.
Wesdome's previous normal course issuer bid expired on June 22, 2009.
Pursuant to that bid (June 23, 2008 to June 22, 2009), Wesdome acquired,
through the facilities of the TSX, 1,682,500 Shares at an average price of
$0.85 per Share.
In addition to providing shareholders liquidity, Wesdome believes that
its Shares have been trading in a price range which does not adequately
reflect the value of such shares in relation to the company's business and its
future prospects. As a result, Wesdome believes that its outstanding Shares
may represent an attractive investment.
As at the close of business on June 22, 2009, Wesdome had 99,847,909
Shares issued and outstanding.
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
For further information:
For further information: Rowland Uloth, President or Donovan Pollitt,
P.Eng., VP Corporate Development, 8 King St. East, Suite 1305, Toronto, ON,
M5C 1B5, Toll Free: 1-866-4-WDO-TSX, Phone: (416) 360-3743, Fax: (416)
360-7620, Email: email@example.com, Website: www.wesdome.com