Globex Mining Enterprises Inc: Announces Normal Course Issuer Bid
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During the most recently completed six months, the average daily trading volume for Globex's common shares on the TSX was 91,628 shares. Consequently, under the policies of the TSX, Globex will have the right to repurchase during any one trading day a maximum of 22,907 common shares, representing 25% of the average daily trading volume. In addition, Globex may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of Globex, in accordance with the policies of the TSX.
Globex intends to acquire the common shares because it believes that the repurchase of common shares at certain market prices is beneficial to Globex and its shareholders. Globex intends to make any purchases on an opportunistic basis, taking share price and other considerations into account.
Any purchases made pursuant to the NCIB will be made in accordance with the requirements of the TSX. Except for exempt offers, Globex will make no purchases of common shares other than open market purchases during the period of the NCIB.
Under its previous NCIB, which entered into effect on March 13, 2020 and which expired on March 12, 2021, Globex was authorized to purchase up to 1,000,000 shares. Under the NCIB, Globex repurchased a total of 27,035 common shares at a volume weighted average purchase price of $0.6827 per share, through the facilities of the TSX and on alternative trading systems in Canada. All of the repurchased shares were cancelled by Globex.
Under Globex's NCIB which entered into effect on March 12, 2019 and which expired on March 11, 2020, Globex was authorized to purchase up to 1,000,000 shares. Globex repurchased a total of 583,500 common shares at a volume weighted average purchase price of $0.3310 per share, all of which shares were cancelled by Globex.
In connection with the NCIB, Globex has entered into an automatic share purchase plan with a Canadian securities dealer pursuant to which the securities dealer, acting as Globex's agent, may acquire at its discretion shares on Globex's behalf during "black-out" or "closed" periods under Globex's stock trading policy, subject to certain parameters as to price and number of shares.
Forward Looking Statements
Except for historical information, this news release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. ("Globex"). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the "Annual Information Form" filed by Globex on SEDAR at www.sedar.com.
We Seek Safe Harbour. | Foreign Private Issuer 12g3 - 2(b) |
CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
For further information, contact: | |
Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
Forward Looking Statements: Except for historical information, this news release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. ("Globex"). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the "Annual Information Form" filed by Globex on SEDAR at www.sedar.com.
55,089,817 shares issued and outstanding