Sentry Select Primary Metals Corp. (TSX: PME) Announces Intention to Make Normal Course Issuer Bid
July 17 2008 - 4:03PM
Marketwired
TORONTO, ONTARIO (TSX: PME) announces that it intends to
purchase up to 1,709,690 of the class A shares of the Corporation
(the "Shares") for cancellation by way of a normal course issuer
bid through the facilities of The Toronto Stock Exchange (the
"TSX"). The 1,709,690 Shares represent approximately 10% of the
public float of the Corporation. As of July 16, 2008, 17,167,900
Shares were issued and outstanding. The public float of 17,096,900
Shares has been calculated as the currently issued and outstanding
Shares, excluding those Shares that are owned and controlled by the
Corporation, the principal securityholders of the Corporation or
the directors and senior officers of the Corporation and excluding
those Shares that are pooled, escrowed or non-transferable.
The purchases may commence on July 21, 2008 and will terminate
on July 20, 2009, or on such earlier date as the Corporation may
complete its purchase or provide notice of termination. Any such
purchases will be made by the Corporation at the prevailing market
price at the time of such purchases in accordance with the
requirements of the TSX.
If Class A Shares are offered on the TSX at prices that are less
than 90% of the latest determined net asset value per Share, the
manager of the Corporation intends to offer to purchase such
Shares, if it determines that such purchases are in the best
interests of Shareholders, and subject to compliance with the
applicable regulatory requirements and limitations.
The Corporation will not purchase in any 30-day period more than
343,358 Shares, representing 2% of the issued and outstanding
Shares as at the date of acceptance of the notice of the normal
course issuer bid by the TSX.
In the 12 months preceding the date of this release, the
Corporation has purchased for cancellation 1,254,000 Shares
pursuant to an expiring normal course issuer bid at an average
price of $6.74, and 232,200 Shares pursuant to a mandatory market
purchase plan at an average price of $6.08.
To the knowledge of the Corporation, no director, senior officer
or other insider of the Corporation intends at present to sell any
Shares under this bid. However, sales by such persons through the
facilities of the TSX or elsewhere may occur if the circumstances
or decisions of any such person change. The benefits to any such
person whose Shares are purchased would be the same as the benefits
available to all other holders whose Shares are purchased.
Sentry Select Primary Metals Corp.
The Corporation's investment objective is to provide
shareholders with long-term capital appreciation by investing in an
actively managed portfolio consisting primarily of securities of
mining and exploration issuers. Although the Corporation's initial
intended focus was to invest in issuers that are engaged in the
production of and/or exploration for uranium, nickel and
molybdenum, the manager has the discretion to alter the composition
of the actively managed portfolio at any time.
Trading information
The Class A Shares and the Warrants trade on the TSX under the
symbols PME and PME.WT, respectively.
Sentry Select Capital Corp.
Sentry Select Capital Corp. is a Canadian wealth management
company that manages over $6 billion in gross assets as of June 30,
2008. The company offers a diverse range of investment products
including closed-end trusts, mutual funds, principal-protected
notes and flow-through limited partnerships, covering a variety of
domestic and global mandates.
This news release contains forward-looking statements that
involve risks and uncertainties. These forward-looking statements
relate to, among other things, the future performance of the
Corporation, including the potential for purchases pursuant to the
normal course issuer bid. These statements reflect Sentry Select's
current expectations, but are subject to a number of risks and
uncertainties. Due to the many risks and uncertainties, Sentry
Select cannot assure that the forward-looking statements contained
in this news release will be realized.
Sentry Select Capital Corp.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615
Contacts: Sentry Select Capital Corp. Investor Services
(broker/investor inquiries) 1-888-246-6656 (416) 364-1197 (FAX)
Sentry Select Capital Corp. Kinga Lam (media inquiries)
1-888-246-6656 (416) 364-1197 (FAX) Email: info@sentryselect.com
Website: www.sentryselect.com
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