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VANCOUVER, British Columbia,
December 27, 2012 /PRNewswire/ --
Capstone Mining Corp. ("Capstone" or the "Company") (TSX: CS) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, Capstone proposes to purchase through the facilities of the TSX and other Canadian marketplaces, from time to time over the next 12 months, if considered advisable, up to an aggregate of 34,014,871, being approximately 10% of the public float of its common shares, as of
December 21, 2012. Purchases may commence through the TSX on
December 31, 2012 and will conclude on the earlier of the date on which purchases under the bid have been completed and
December 30, 2013. As of
December 21, 2012, Capstone had 381,507,382 issued and outstanding common shares.
BMO Nesbitt Burns will be appointed as the brokerage firm responsible for making purchases of common shares under the NCIB on behalf of Capstone. All purchases made pursuant to the NCIB will be made through the open market through the facilities of the TSX and other Canadian marketplaces and in accordance with the rules and policies thereof. The purchase price paid for all common shares will be the prevailing market price at the time of purchase. The Company will purchase a daily maximum of 271,787 common shares, representing 25% of the average daily trading volume of 1,087,151 common shares subject to certain prescribed exemptions.
The Board of Directors of Capstone believes that, depending on the trading price of its common shares and other relevant factors, the proposed purchases represent an attractive investment opportunity, are in the best interests of the Company and are a desirable use of corporate funds. All common shares purchased by the Company pursuant to the notice will be cancelled.