NEMI Announces its Intention to Commence Normal Course Issuer Bid
Vancouver, BC, Canada – April 7, 2009 – NEMI Northern Energy & Mining Inc. (the "Company" or "NEMI" / TSX: NNE.A)
NEMI announces today that it intends to commence a normal course issuer bid ("NCIB") pursuant to the rules of the Toronto Stock Exchange ("TSX"). Under the bid, the Company may purchase up to 2,893,487 of its Class A common shares (the "Common Shares") representing approximately 5% of the Company's issued and outstanding Common Shares.
The NCIB will commence on April 13, 2009 and will expire on April 12, 2010, or such earlier date as the Company may complete its purchases. The price at which the Company will purchase its shares will be the market price thereof at the time of acquisition. Purchases of Common Shares will be made in the open market through the facilities of the TSX. The Company has 57,869,745 Common Shares issued and outstanding as of April 1, 2009. In accordance with the TSX Company Manual, NEMI will purchase an aggregate maximum of 47,771 Common Shares per trading day, subject to applicable exceptions. NEMI has engaged Salman Partners Inc. as the Participating Organization in connection with the NCIB. The Company has not conducted a normal course issuer bid in the previous 12 months. Common Shares purchased under the NCIB will be returned to the Company's treasury for cancellation.
The Board of Directors of the Company believes that the current market price of the Common Shares may not fully reflect the value of the Company's business and its future business prospects. As a result, the Board has concluded that the purchase of the Common Shares may represent an appropriate and desirable use of the Company's funds and further enhance market stability.
This document may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to execute and implement its future plans. Actual results may differ materially from those projected by management. We seek safe harbour.
For more information, please contact:
NEMI Northern Energy & Mining Inc.
(T) 604 684-1554
(T) 415 339-8825
(F) 604 684-1556