WELLAND, ON, Oct. 21 /CNW/ - Lakeside Steel Inc. ("Lakeside") (TSX-V: LS), is pleased to announce that it intends to purchase a maximum of 3,028,062 of its common shares, representing approximately 5% of the issued and outstanding common shares of Lakeside, by way of a normal course issuer bid ("NCIB"). Lakeside currently has 60,561,258 common shares issued and outstanding. Purchases may commence on October 27, 2009, and will terminate no later than October 26, 2010.
Purchases of the common shares will be effected through the facilities of the TSX Venture Exchange ("TSX-V") on behalf of Lakeside by Northern Securities Inc. The purchase and payment for the common shares purchased will be made by Lakeside in accordance with the requirements of the TSX-V and the price which Lakeside will pay for any such common shares will be the market price of such common shares at the time of acquisition. Common shares purchased pursuant to the NCIB will be cancelled.
Lakeside will make no purchases of common shares other than open market purchases.
Lakeside believes that, at certain times, the market price of its common shares may not adequately reflect the value of its business and its future business prospects. As a result, Lakeside believes that its outstanding common shares may, at such times, represent an attractive investment and an appropriate and desirable use of its available funds.
No director or senior officer of Lakeside currently intends to sell common shares of Lakeside during the period of this Notice. To the knowledge of Lakeside, no associate of a director or senior officer of Lakeside, and no person acting jointly or in concert with Lakeside and no person holding ten (10%) percent or more of any class of equity securities of Lakeside intends to sell common shares of Lakeside during the period of this Notice.
About Lakeside Steel Inc.
Lakeside is the parent company of Lakeside Steel Corporation ("Lakeside Steel"). Lakeside Steel, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside Steel's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside Steel manufactures pipe and mechanical tubing for the resale market, which are sold to distributors in Eastern Canada and the Northeastern United States. Lakeside Steel manufactures a variety of products for these industries including oil well tubing and casing, mechanical tubing, pressure tubing, automotive tubing, hollows for redraw, line pipe, heating and plumbing pipe, drill rod and specialty tubing. Lakeside Steel serves customers worldwide, either directly or indirectly, in Canada, Australia and the United States.
The TSX-V does not accept responsibility for the adequacy or accuracy of
this release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
SOURCE LAKESIDE STEEL INC.
For further information: For further information: Kyler Wells, Corporate Secretary, Lakeside Steel Inc., Tel: (416) 644-8177, Fax: (416) 644-0271, Email: email@example.com