Oct 22 2009
Lakeside Steel Inc. ("Lakeside") (TSX-V: LS), is pleased to announce that it intends to purchase a maximum of 3,028,062 of its common shares, representing approximately 5% of the issued and outstanding common shares of Lakeside, by way of a normal course issuer bid ("NCIB"). Lakeside currently has 60,561,258 common shares issued and outstanding. Purchases may commence on October 27, 2009, and will terminate no later than October 26, 2010.
Purchases of the common shares will be effected through the facilities of the TSX Venture Exchange ("TSX-V") on behalf of Lakeside by Northern Securities Inc. The purchase and payment for the common shares purchased will be made by Lakeside in accordance with the requirements of the TSX-V and the price which Lakeside will pay for any such common shares will be the market price of such common shares at the time of acquisition. Common shares purchased pursuant to the NCIB will be cancelled.
Lakeside will make no purchases of common shares other than open market purchases.
Lakeside believes that, at certain times, the market price of its common shares may not adequately reflect the value of its business and its future business prospects. As a result, Lakeside believes that its outstanding common shares may, at such times, represent an attractive investment and an appropriate and desirable use of its available funds.
No director or senior officer of Lakeside currently intends to sell common shares of Lakeside during the period of this Notice. To the knowledge of Lakeside, no associate of a director or senior officer of Lakeside, and no person acting jointly or in concert with Lakeside and no person holding ten (10%) percent or more of any class of equity securities of Lakeside intends to sell common shares of Lakeside during the period of this Notice.
Source: https://lakesidesteel.net/