Imperial Announces Normal Course Issuer Bid
April 27 2020 - 9:00AM
Imperial Metals Corporation (the “Company”)
(TSX:III) announces the Toronto Stock Exchange (the “TSX”) has
accepted the Company’s Notice of Intention to make a Normal Course
Issuer Bid (the “Bid”) to be transacted through the facilities of
the TSX or alternative Canadian market places.
Pursuant to the Bid, the Company may purchase up
to 642,451 common shares, which represents 0.50% of the total
128,490,174 common shares of the Company issued and outstanding as
of April 24, 2020. Purchases will be made, at the discretion of the
Company at prevailing market prices, commencing April 29, 2020 and
ending no later than April 28, 2021. Pursuant to TSX policies,
daily purchases made by the Company will not exceed 9,087 common
shares or 25% of the Company’s average daily trading volume of
36,351 common shares on the TSX, subject to certain prescribed
exceptions.
The shares acquired under the Bid will be used
to satisfy the Company’s obligations under its Non-Management
Directors’ Plan and Share Purchase Plan (the “Plans”). The funding
for any purchase pursuant to the Bid will be financed out of the
working capital of the Company. In the previous 12 months, the
Company has repurchased 189,081 of its outstanding common shares at
the average price per share of $1.78. The maximum number of common
shares sought and approved by the TSX under the terms of the
previous Bid was 635,552. The common shares have or will be
allocated to satisfy the Company’s obligations under the Plans. A
copy of the Company’s Notice filed with the TSX may be obtained, by
any shareholder without charge, by contacting the Company’s Chief
Financial Officer.
About Imperial
Imperial is a Vancouver exploration, mine
development and operating company. The Company, through its
subsidiaries, owns a 30% interest in the Red Chris mine, and a 100%
interest in both the Mount Polley and Huckleberry copper mines in
British Columbia. Imperial also holds a 45.3% interest in the
Ruddock Creek lead/zinc property.
Company Contacts
Brian Kynoch | President |
604.669.8959Andre Deepwell | Chief Financial
Officer | 604.488.2666Sabine Goetz
| Shareholder Communications |
604.488.2657 | investor@imperialmetals.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
information or forward-looking statements within the meaning of
Canadian and United States Securities Laws, which we will refer to
as “forward-looking information”. Except for statements of
historical fact relating to the Company, certain information
contained herein constitutes forward-looking information, including
the Company’s intentions with respect to the Bid, the purchases and
funding of such purchases thereunder and the use of any shares
acquired under the Bid.
With respect to forward-looking information
contained in this news release, the Company has made assumptions
regarding, among other things, that the Company will complete
purchases of common shares pursuant to the Bid. The Company’s
actual actions may differ materially from those anticipated in its
forward-looking information as a result of the risk factors set
forth above, along with the risks that are set out in the Company’s
current Management’s Discussion & Analysis filed on SEDAR at
www.sedar.com.
The forward-looking information contained in
this news release is expressly qualified in its entirety by this
cautionary statement. Such information is given only as of the date
of this news release. The Company does not assume any obligation to
update its forward-looking information to reflect new information,
subsequent events or otherwise, except as required by law.
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