Nice to see....almost a 10% buy back possible
TORONTO, ONTARIO--(Marketwire - Oct. 27, 2008) - Inspiration Mining Corporation (the "Corporation") (TSX:ISM)(FRANKFURT:OI8) announced today that it has received regulatory approval from the Toronto Stock Exchange ("TSX") to launch a normal course issuer bid (the "Bid"), pursuant to the terms set out in the notice of intention to make a normal course issuer bid (the "Notice") filed with the TSX. The Board of Directors of the Corporation believes that the current market price of the Corporation's common shares does not properly reflect the underlying value of the Corporation, and that, accordingly, the purchase of its common shares is appropriate and in the best interests of the Corporation and its stakeholders.
The Corporation has 67,925,270 common shares issued and outstanding as of October 22, 2008. The Notice provides that under the Bid, the Corporation may purchase up to 6,439,314 common shares, being 10% of the public float. The Notice further provides that, subject to the Corporation's ability to make "block" purchases through the facilities of the TSX in accordance with the TSX rules, the aggregate number of common shares that the Corporation may purchase during any trading day will not exceed 16,315 shares, being 25% of the average daily trading volume of the shares based on their trading volume on the TSX for the most recently completed six calendar months preceding the date of the Notice.
The Bid will begin on October 29, 2008 and will terminate on the earlier of October 28, 2009 or such date as the Corporation may complete its permitted purchases under the normal course issuer bid. The common shares will be acquired on the open market through the facilities of the TSX, at the discretion of management of the Corporation, and the purchase and payment for the common shares will be made in accordance with the requirements of the TSX and all other applicable laws. First Canada Capital Partners Inc. will conduct the normal course issuer bid on behalf of the Corporation. The price that the Corporation will pay for any common shares acquired will be the market price of the common shares at the time of acquisition. All common shares acquired by the Corporation under this Bid will be cancelled.
The Corporation has not purchased any of its common shares under a normal course issuer bid within the past 12 month period.
The Corporation is a public junior mining company exploring for nickel deposits on its Langmuir property near Timmins, Ontario, as well as gold-copper on the Barton Syndicate Dry Fork property in Utah.
