Imperial Metals Corporation announced Sept. 26 that Toronto Stock Exchange had accepted the company’s application to purchase up to 1,477,168 common shares (approximately four per cent of the total common shares issued and outstanding).
Imperial’s properties include a proposed zinc/lead mine at Ruddock Creek, which is about 30 km directly east of Avola near Tum Tum Lake. A mine development and operating company based in Vancouver, its key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, and the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia. Imperial also owns the development stage Red Chris property in northwest British Columbia, and the development stage Sterling gold property in southwest Nevada.
Reason given for the stock buy-back is the board of directors believes the underlying value of the company may not be reflected in the current market price of its common shares, and the board has determined that the bid is in the best interest of the company and its shareholders. In the previous 12 months, the company has repurchased 4,200 of its outstanding common shares at the average price per share of $22.35.
Any shareholder may obtain without charge a copy of the company’s notice filed with the TSX by contacting the company’s chief financial officer.