Quest Capital Corp. Announces Approval of Normal Course Issuer Bid
December 16 2009 - 11:39AM
Marketwired
Quest Capital Corp. (the "Corporation" or "Quest") (TSX: QC)(NYSE
Amex: QCC) announced today that it has received approval from the
Toronto Stock Exchange (the "TSX") for its normal course issuer bid
("NCIB"), under which the Corporation may make open market
purchases of its common shares over the TSX. Purchases pursuant to
the normal course issuer bid may commence on December 18, 2009 and
will terminate on December 17, 2010 or on such earlier date as the
Corporation may complete its purchases or otherwise terminate the
bid.
Under the NCIB, the Corporation may purchase up to 12,132,650
common shares, which represents approximately 10% of the total of
the Corporation's public float; Quest has 151,464,334 common shares
issued and outstanding as at December 10, 2009 and its public float
is approximately 121,326,500. The actual number of shares
purchased, the timing of the purchases and the prices at which the
shares will be purchased will depend upon future market conditions.
A maximum of 42,793 common shares (being 25% of the average daily
trading volume) may be purchased by Quest on any one day under its
normal course issuer bid, except where purchases are made in
accordance with "block purchases" exemptions under applicable TSX
policies. The Corporation will pay market price at the time of
acquisition for any shares purchased under the normal course issuer
bid. The Corporation will cancel shares purchased under the bid. In
the previous 12 months, the Corporation has not purchased any of
its outstanding common shares.
The Corporation's directors believe that the purchase from time
to time of common shares of the Corporation may be a worthwhile
investment for the Corporation that should benefit continuing
shareholders. The Corporation's directors believe that normal
course issuer bid purchases of shares for cancellation may, by
reducing the number of outstanding shares, reduce the discount that
may exist between the market price of its shares and the
Corporation's net asset value per share.
ABOUT QUEST
Quest Capital Corp. is a publicly traded mortgage investment
corporation. For more information about Quest, please visit our
website (www.questcapcorp.com) or SEDAR (www.sedar.com).
Forward Looking Statements
This press release may include certain statements that
constitute "forward-looking statements", and "forward looking
information" within the meaning of applicable securities laws
("forward-looking statements" and "forward-looking information" are
collectively referred to as "forward-looking statements", unless
otherwise stated). Such forward-looking statements involve known
and unknown risks and uncertainties that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Forward-looking
statements may relate to the Company's future outlook and
anticipated events or results and may include statements regarding
the Company's future financial position, business strategy,
budgets, litigation, projected costs, financial results, taxes,
plans and objectives. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends affecting the financial
condition of our business. These forward-looking statements were
derived utilizing numerous assumptions regarding expected growth,
results of operations, performance and business prospects and
opportunities that could cause our actual results to differ
materially from those in the forward-looking statements. While the
Company considers these assumptions to be reasonable, based on
information currently available, they may prove to be
incorrect.
Forward-looking statements should not be read as a guarantee of
future performance or results. Forward-looking statements are based
on information available at the time those statements are made
and/or management's good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in or suggested by the forward looking statements.
To the extent any forward-looking statements constitute
future-oriented financial information or financial outlooks, as
those terms are defined under applicable Canadian securities laws,
such statements are being provided to describe the current
potential of the Company and readers are cautioned that these
statements may not be appropriate for any other purpose, including
investment decisions. Forward-looking statements speak only as of
the date those statements are made. Except as required by
applicable law, we assume no obligation to update or to publicly
announce the results of any change to any forward-looking statement
contained or incorporated by reference herein to reflect actual
results, future events or developments, changes in assumptions or
changes in other factors affecting the forward looking statements.
If we update any one or more forward-looking statements, no
inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements. You should
not place undue importance on forward-looking statements and should
not rely upon these statements as of any other date. All forward
looking statements contained in this press release are expressly
qualified in their entirety by this cautionary notice.
Contacts: Quest Capital Corporation A. Murray Sinclair Chairman
(800) 318-3094 or (604) 687-8378 Quest Capital Corporation Jim
Grosdanis CFO (800) 318-3094 or (604) 687-8378
www.questcapcorp.com
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