TSX-V Symbol: TTQ
Frankfurt Stock Exchange Symbol: T2U
US Clearing Symbol: TTMRF
Issued and Outstanding 46,329,989
VANCOUVER, Nov. 18 /CNW/ - TTM Resources Inc. (the "Company") announces that it has today received approval from the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 3,500,000 of the Company's issued and outstanding Common Shares (being approximately 7.5% of the 46,329,989 Common Shares outstanding at November 17, 2009). Purchases will be made in accordance with Exchange requirements, on the open market through the facilities of the Exchange. CIBC World Markets Inc. will conduct the Bid on behalf of the Company. The price that the Company will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase. The Company will spend up to an aggregate maximum of $1,000,000 on the Bid.
The Bid will commence on November 23, 2009 and will terminate on the earlier of November 22, 2010, or the date on which the Company has acquired all of the shares sought pursuant to the bid. Any shares acquired by the Company pursuant to the bid will be cancelled. As required by Exchange policy, purchases (other than purchases by way of a substantial issuer bid) will not, when aggregated with the total of all other purchases in the preceding 30 days, exceed 2% of the total issued and outstanding common shares of the Company at the time the purchases are made. The Board of Directors of the Company believe that the current and recent market prices of the Company's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to the Company's shareholders who would like to dispose of their shares.
About TTM Resources Inc.
TTM Resources Inc. is a Vancouver, British Columbia based Molybdenum Development and Exploration Company focused on the resource development of the Chu Molybdenum Project and three other molybdenum properties in British Columbia, Canada.
For further information visit the Company's web site at www.ttmresources.ca
TTM RESOURCES INC.
W.K. Crichy Clarke
President & CEO
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: For further information: Main: W.K. Crichy Clarke, President & CEO, Tom Brady, (604) 685-1144 or Toll Free: (877) 685-1144, Fax: (604) 685-9887, Website: www.ttmresources.ca, Email: firstname.lastname@example.org