Century Iron Mines Corp. Renews Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwired - Nov. 2, 2015) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Century Iron Mines Corp. ("Century" or the "Company") (TSX:FER) is pleased to announce that it is renewing its normal course issuer bid (the "NCIB").
The Company's previous NCIB program has expired on October 16, 2015 and under that program, a total of 3,500 common shares were repurchased for cancellation during the 12 month period when it operated, at an average price of C$0.34 per share. The Company has applied to the Toronto Stock Exchange ("TSX") to renew its NCIB (the "Renewed NCIB").
The Renewed NCIB will allow the Company to purchase its shares through the TSX as well as alternative Canadian trading platforms. The Renewed NCIB will allow purchases of up to 350,000 common shares, during the one year period of its operation. That number of shares corresponds to approximately 0.35% of Century's issued and outstanding common shares of 98,794,571 as of October 27, 2015. The Company expects to cancel all shares purchased under the Renewed NCIB.
Under the Renewed NCIB, up to 1,000 common shares may be repurchased on any day at a maximum price of C$2.00 per share (other than under a block purchase or permitted transaction, where that limitation would not apply). For the Renewed NCIB, Century is also implementing an automatic share purchase plan pursuant to which Maison Placements Canada Inc., the Company's broker for the Renewed NCIB, has the discretion on any day to repurchase up to 1,000 common shares of the Company, as well as 50,000 common shares on a weekly basis as block purchases at a maximum price of C$1.00 per share, subject to the requirement that no more than 350,000 shares can nonetheless be repurchased under the Renewed NCIB.
Management believes that its common shares are an attractive investment at current prices, and that purchases of shares is appropriate and desirable. The Company is confident that it can support the Renewed NCIB without impacting its business strategy.
The TSX accepted notice of the Renewed NCIB on October 30, 2015. The Renewed NCIB will take effect on November 4, 2015 and end no later than November 3, 2016.
About Century
Century is an exploration and development company with significant properties in the prolific Labrador Trough in Québec, Newfoundland and Labrador, as well as the James Bay area of Québec. Century has two key strategic partners, WISCO and Minmetals, both Chinese state-owned enterprises. Each provides financial resources and technical expertise to assist the Company in advancing its projects. Century's most advanced project is the Joyce Lake DSO project, a joint venture with WISCO located close to Schefferville, Québec. Century owns 60% in the joint venture and WISCO owns 40%. It is planned as a 2.5 million tonne per annum direct shipping iron ore project. A feasibility study was completed in March 2015. The Company is also committed to exploring and evaluating strategic opportunities outside of the iron ore market and to creating shareholder value through the efficient allocation of capital resources.
Century's website is: www.centuryiron.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY'S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY'S BUSINESS, AS DESCRIBED IN CENTURY'S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2015. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Contact
Century Iron Mines Corp.
Robin Cook
Director, Corporate Development
416-977-3188, ext. 109
robin.cook@centuryiron.com