Buccaneer Gold Announces Normal Course Issuer Bid and Results of Prior Bid
Toronto, Ontario--(Newsfile Corp. - February 11, 2013) - Buccaneer Gold Corp. (TSXV: BGG) (“Buccaneer” or the “Company”) is pleased to announce today that the TSX Venture Exchange (the “TSX-V”) has accepted a noticed filed by the Company of its intention to renew its prior normal course issuer bid for a further one year period. The Company intends to proceed with a normal course issuer bid to purchase up to 2,533,316 common shares of the Company (the “New Bid”).
The Company is commencing the Bid because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that the purchase of common shares for cancellation is in the best interests of the Company’s shareholders by increasing the respective proportionate shareholdings and therefore increasing the respective equity interest in the Company for all remaining shareholders.
As of February 8, 2013, the Company had 32,583,667 common shares issued and outstanding. The 2,533,316 common shares that may be purchased by the Company under the New Bid represent approximately 10% of the public float of the Company. The New Bid will commence on February 11, 2013 and will terminate on February 11, 2014 or at such earlier date in the event that the number of shares sought in the New Bid has been repurchased. The Company reserves the right to terminate the New Bid earlier if it feels that it is appropriate to do so.
All shares will be purchased on the open market through the facilities of the TSX-V, and payment for the common shares will be in accordance with TSX-V policies. The price paid for the common shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the New Bid. The common shares purchased by the Company will be cancelled.
The Company has engaged Haywood Securities Inc. to act as broker through which the New Bid will be conducted.
Previous purchases were made by the Company under a prior normal course issuer bid (the “Prior Bid”), the results of which are noted hereunder.
Results of Prior Bid
Buccaneer acquired 140,500 common shares at an average price of $0.15 per share under the Prior Bid which commenced on February 8, 2012 and expired on February 8, 2013.
Buccaneer is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Additional information about the Company is available on SEDAR at www.sedar.com.
For further information, please contact Paul Zyla, President and Chief Executive Officer or Kevin Swanborough, Chief Financial Officer at 416 366-4227 or by e-mail at email@example.com.
This news release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this news release and neither accepts responsibility for the adequacy or accuracy of this news release.