TORONTO, July 12 /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 6,681,620 Shares, being approximately 10% of its "public float". Purchases will be subject to a daily maximum of 40,142 Shares, except where such purchases are made in accordance with the "block purchase" exemptions under applicable TSX policy. Wesdome will effect purchases at varying times commencing on or after July 14, 2010 and continuing until no later than July 13, 2011.
Wesdome's previous normal course issuer bid expired on June 24, 2010. Pursuant to that bid (June 25, 2009 to June 24, 2010), Wesdome acquired, through the facilities of the TSX, 15,000 Shares at a weighted average price of $1.62 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 July 8, 2010, Wesdome had 100,803,609 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 forward-looking statements.
SOURCE Wesdome Gold Mines Ltd.
For further information: For further information: Donovan Pollitt, P.Eng., President & CEO or Shelly John, Manager, Investor Relations, 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: firstname.lastname@example.org, Website: www.wesdome.com