Imperial Metals Commences Normal Course Issuer Bid
VANCOUVER, British Columbia — Imperial Metals Corporation, commonly known as Imperial, has recently announced an exciting new step for the company. The Toronto Stock Exchange (TSX) has accepted the Company’s Notice of Intention to execute a Normal Course Issuer Bid (the Bid), indicating a strong commitment to enhance shareholder returns.
Details of the Normal Course Issuer Bid
Through this Bid, Imperial plans to repurchase up to 814,089 common shares, which accounts for approximately 0.5% of their total outstanding shares, which numbers 162,817,841 as of the most recent count. The repurchases will commence on May 28 and will continue until the end of May the following year. Notably, the Company is strategically set to purchase shares at current market prices. As per TSX regulations, any daily purchases will be limited to 12,792 shares, or 25% of the average daily trading volume of 51,168 shares, with certain exceptions.
Utilization of Acquired Shares
The shares repurchased under the Bid will serve a dual purpose. Primarily, they will be used to fulfill obligations under the Non-Management Directors’ Plan and the Amended and Restated Share Purchase Plan. This ensures that those involved in the governance of the Company can benefit directly from its performance, aligning their interests with those of the shareholders.
Prior Repurchase Activity and Funding Sources
In the prior year, Imperial successfully repurchased 217,504 shares at an average price of $2.37 per share. This prior activity allows the Company to gauge effective strategies for the upcoming Bid. The funding for these buy-backs will be sourced from Imperial’s working capital, showcasing prudent financial management.
About Imperial Metals Corporation
Imperial is a Vancouver-based mining and exploration company, holding substantial interests in well-known operations like the Mount Polley mine, the Huckleberry mine, and the Red Chris mine, with 100%, 100%, and 30% ownership, respectively. Furthermore, the Company boasts an array of 23 greenfield exploration properties throughout British Columbia, underscoring its robust commitment to expanding its resource base and future growth opportunities.
Contacting Imperial
For further inquiries regarding the Bid or other shareholder matters, interested parties can reach out to Imperial’s leadership. Brian Kynoch, the President, and Darb Dhillon, the Chief Financial Officer, are both available for contact at 604.669.8959, offering direct communication lines to their stakeholders.
Frequently Asked Questions
What is a Normal Course Issuer Bid?
A Normal Course Issuer Bid is a strategy for a company to repurchase its shares on the open market, helping to increase shareholder value and manage total share count.
How many shares is Imperial planning to repurchase?
Imperial intends to repurchase up to 814,089 common shares under the current Bid.
What is the duration of the share repurchase plan?
The repurchase plan is set to begin on May 28 and will conclude no later than May 27 of the following year.
Why does the Company repurchase its shares?
The primary aim is to manage share capital effectively and align the interests of management and shareholders through their compensation packages.
Who can be contacted for more information?
Both Brian Kynoch, President, and Darb Dhillon, CFO, are available at 604.669.8959 for any inquiries related to the Bid or the Company.
