Morien Resources to buy back up to 4.23 million shares
2017-01-25 11:05 ET - News Release
Mr. John Budreski reports
MORIEN ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
The TSX Venture Exchange has accepted Morien Resources Corp.'s notice of intention to renew its normal course issuer bid to purchase outstanding common shares of Morien on the open market in accordance with the policies of the TSX-V.
Pursuant to the normal course issuer bid, Morien may acquire up to 4,235,000 common shares, representing approximately 10 per cent of the public float of Morien as of Jan. 24, 2017. In the opinion of the board of directors of Morien, its common shares have been trading at prices that do not reflect the underlying value of the company, including its royalty portfolio, its strong financial position and growth opportunities. Accordingly, Morien believes that purchasing and returning its common shares to treasury at present pricing represent an opportunity to enhance value for its continuing shareholders. Morien's cash position allows for the implementation of the bid without adversely affecting Morien's other opportunities.
From Feb. 1, 2016, to Jan. 24, 2017, Morien purchased 2,113,000 of its common shares at an average price per share of 30.5 cents under its most recently expired normal course issuer bid.
As of Jan. 24, 2017, the company had 52,986,614 common shares outstanding. Under TSX-V policies, Morien is entitled to purchase up to 1,059,732 shares in any 30-day period up to the maximum of 4,235,000 shares.
Morien is authorized to make purchases between Feb. 1, 2017, and Jan. 31, 2018, or on such earlier date as the normal course issuer bid is complete or is terminated at the option of Morien. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the company. All shares purchased by the company will be on the open market through the facilities of the TSX-V by National Bank Financial Inc. acting on behalf of Morien, in accordance with the policies of the TSX-V, and will be surrendered by the company to its transfer agent for cancellation. The prices that Morien will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition.
Morien is a Canadian mining exploration and development company focused on unique mineral industry opportunities in North America with two long-life royalty assets and a strong cash position.