CALGARY, Sept. 10, 2013 /CNW/ - MBN Corporation (the "Corporation") is pleased to announce that it has obtained the approval of the Toronto Stock Exchange (the "TSX") to amend its normal course issuer bid (the "Bid"), which was previously announced on September 10, 2012. Pursuant to the original terms of the Bid, the Corporation was permitted to acquire up to 183,703 of its equity shares (the "Equity Shares"), which represented 10% of the public float as at the commencement of the Bid.
Pursuant to the amended terms of the Bid, the number of Equity Shares that may be purchased has been increased to 384,364, subject to maximum aggregate purchases of 91,525 Equity Shares during any 30 day period. The amendment was obtained to reflect the increase in the number of Equity Shares outstanding resulting from the merger of the Corporation with Uranium Focused Energy Fund ("Uranium"), pursuant to which 2,136,369 Equity Shares were issued to former unitholders of Uranium. The increased number of Equity Shares purchasable represents 10% of the public float as of September 6, 2013 and as of that date a total of 4,576,251 Equity Shares were outstanding. The amendment will be effective as of September 10, 2013 and the Bid will expire on September 11, 2013.
Purchases of Equity Shares made pursuant to the Bid will be made through the facilities of the TSX at prevailing market prices and Equity Shares so acquired will be cancelled. As at September 6, 2013, the Corporation had purchased 46,500 Equity Shares pursuant to the Bid at an average price of $5.58 per Equity Share. There is no assurance that any further Equity Shares will be purchased pursuant to the Bid or as to the timing of any such purchases.
MBN Corporation trades on the Toronto Stock Exchange under the symbol "MBN".
This press release may contain forward-looking information, including with respect to future purchases of Equity Shares by the Corporation. The forward-looking information contained in this press release constitutes current expectations, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents an estimate as of any date other than the date of this press release.
SOURCE: MBN Corporation
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