VANCOUVER, BC / ACCESSWIRE / November 29, 2022 / Strategic Metals Ltd. (TSXV:SMD) ("Strategic") announces that it is making a new Normal Course Issuer Bid (the "New Bid") pursuant to the provisions of TSX Venture Exchange Policy 5.6, to succeed its existing Normal Course Issuer Bid (the "Old Bid"), as accepted by the TSX Venture Exchange on December 1, 2021.
Strategic has purchased (no) shares under the Old Bid, which will expire on December 2, 2022. The New Bid will consist of the acquisition by Strategic of up to 8,400,000 common shares of its capital stock, representing approximately 10% of the "public float" of 84,930,513 common shares upon the date of commencement of the New Bid. (There are currently 110,955,967 common shares of Strategic issued and outstanding.) The New Bid will commence on December 5, 2022, and will expire on December 4, 2023.
Strategic is making the New Bid, to succeed the Old Bid (which was limited to an aggregate of 8,400,000 common shares), because it is of the opinion that fluctuating global market conditions periodically (and currently) may result in unwarranted reductions in Strategic's share price that do not reflect the underlying value of its assets. Strategic will utilize unallocated cash resources to effect purchases under the New Bid with a view to capitalizing on these potential price weaknesses. Shares purchased under the New Bid will be made at Management's discretion based on market conditions, and will be returned to Strategic's treasury for cancellation.
The New Bid will be conducted on behalf of Strategic by PI Financial Corp., of Suite 2500 - 733 Seymour Street, Vancouver, B.C. V6B 0S6.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
Strategic Metals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: Strategic Metals Ltd.
View source version on accesswire.com: