EDMONTON, Dec. 5, 2012 /CNW/ - Medwell Capital Corp. (the "Company") (TSXV: MWC) announced today that it is conducting a normal course issuer bid. Under the bid, which will be conducted pursuant to the rules of the TSX Venture Exchange ("TSXV"), the Company may purchase up to 363,500 of its common shares (the "Common Shares") representing approximately 5% of the Company's issued and outstanding Common Shares.
The bid will commence December 10, 2012 and will expire December 9, 2013 or such earlier date as the Company may complete its purchases. The price at which the Company will purchase its shares will be the market price thereof at the time of acquisition. Purchases of Common Shares will be made in the open market through the facilities of the TSXV. The Company may purchase a maximum of 145,401 Common Shares in a given 30 day period. Common Shares acquired by the Company will be cancelled. The Company has 7,270,089 Common Shares issued and outstanding as of December 5, 2012. The Exchange Member conducting the bid on behalf of the Company will be Raymond James Ltd.
The Board of Directors of the Company believes that the current market price of the Common Shares may not fully reflect the value of the Company's business and its future business prospects. As a result, the Board has concluded that the purchase of the Common Shares may represent an appropriate and desirable use of the Company's funds and further enhance market stability.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based investment and advisory firm. For further information please visit www.medwellcapital.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Medwell Capital Corp.
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Medwell Capital Corp.