Strategic Metals Ltd. Announces New Normal Course Issuer Bid to Succeed the Normal Course Issuer Bid Which will Expire on December 4, 2024
Rhea-AI Summary
Strategic Metals (TSXV:SMD) has announced a new Normal Course Issuer Bid (New Bid) to succeed its current bid expiring December 4, 2024. Under the New Bid, Strategic plans to acquire up to 8,500,000 common shares, representing approximately 10% of the public float of 85,177,013 shares. The New Bid will run from December 5, 2024, to December 4, 2025. The company has purchased no shares under the current bid. Strategic believes market conditions may cause unwarranted share price reductions and plans to use unallocated cash resources for purchases. Ventum Financial Corp. will conduct the bid on Strategic's behalf.
Positive
- Company has cash resources available for share buybacks
- Potential to support share price through buyback program
- Buyback represents significant 10% of public float
Negative
- No shares purchased under previous buyback program indicates possible lack of execution
- Company acknowledges current share price weakness
VANCOUVER, BC / ACCESSWIRE / November 28, 2024 / Strategic Metals Ltd. (TSXV:SMD) ("Strategic") announces that it is making a new Normal Course Issuer Bid (the "New Bid") pursuant to the provisions of TSX Venture Exchange Policy 5.6, to succeed its existing Normal Course Issuer Bid (the "Old Bid") as accepted by the TSX Venture Exchange on November 30, 2023.
Strategic has purchased no shares under the Old Bid, which will expire on December 4, 2024. The New Bid will consist of the acquisition by Strategic of up to 8,500,000 common shares of its capital stock, representing approximately
Strategic is making the New Bid, to succeed the Old Bid (which was limited to an aggregate of 8,500,000 common shares), because it is of the opinion that fluctuating global market conditions periodically (and currently) may result in unwarranted reductions in Strategic's share price that do not reflect the underlying value of its assets. Strategic will utilize unallocated cash resources to effect purchases under the New Bid with a view to capitalizing on these potential price weaknesses. Shares purchased under the New Bid will be made at Management's discretion based on market conditions, and will be returned to Strategic's treasury for cancellation.
The New Bid will be conducted on behalf of Strategic by Ventum Financial Corp., of Suite 2500 - 733 Seymour Street, Vancouver, B.C. V6B 0S6.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
Corporate Information | Investor Inquiries |
Neither the 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 news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: Strategic Metals Ltd.
View the original press release on accesswire.com
FAQ
How many shares can Strategic Metals (SMDZF) purchase under its new Normal Course Issuer Bid?
When does Strategic Metals' (SMDZF) new share buyback program begin and end?
How many shares did Strategic Metals (SMDZF) purchase under its previous buyback program?
