PHOENIX, AZ, May 11, 2015 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) (the "Company"), announced today that it has received approval from the Toronto Stock Exchange ("TSX") to repurchase, for cancellation, common shares of the Company pursuant to a normal course issuer bid ("NCIB").
The board of directors of the Company believes that the repurchase of its common shares from time to time can be undertaken at prices that make the acquisition of such common shares an appropriate use of the Company's available funds and an appropriate mechanism for enhancing shareholder value.
Under the NCIB, up to 87,500 common shares (representing approximately 1% of the total issued and outstanding common shares) may be repurchased in open market transactions on the TSX between May 13, 2015 and May 12, 2016. The actual number of shares to be purchased and the timing of such purchases will be determined by the Company considering market conditions, stock prices, its cash position and other factors. Except as permitted under the TSX rules, any daily repurchases will be limited to a maximum of 3,239 common shares other than block purchase exemptions, which represents 25% of the average daily trading volume on the TSX for the six months ended April 30, 2015. On May 5, 2015, there were 8,754,612 common shares of the Company outstanding.
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S. based Global Water and to actively participate in the management, business and operations of Global Water through its representation on the board of directors of Global Water and its shared management of Global Water.
About Global Water Resources, Inc.
Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward looking statements include, but are not limited to our plans, objectives, expectations and intentions, and other statements contained in this release that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors and other factors discussed under the heading "Risk Factors" in the Company's most recent Annual Information Form. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
SOURCE GWR Global Water Resources Corp.
For further information: Marina Proskurovsky, Investor Relations, TMX Equicom, Tel: 416.815.0700 ext. 288, Email: [email protected], www.gwresources.com