Altius Minerals Corporation

Altius Minerals Corporation

November 27, 2007 11:50 ET

Altius Announces Normal Course Issuer Bid

ST. JOHN'S, NEWFOUNDLAND--(Marketwire - Nov. 27, 2007) - Altius Minerals Corporation ("Altius") (TSX:ALS) announces that it will purchase at market price up to 1,542,221 common shares being approximately 5% of its outstanding shares, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX). The bid is subject to regulatory approval. The bid will commence November 30, 2007 and end no later than November 29, 2008. Any shares purchased during the normal course issuer bid will be cancelled and returned to treasury. The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of approximately 39,760 common shares under the Company's repurchase program.

During the previous 12 months, Altius purchased 173,400 shares at a weighted average price of $13.16 through a normal course issuer bid which shares have been returned to treasury.

The reason for the bid is that, in the opinion of the board of directors, the value of Altius, based on anticipated cash flows and underlying asset values, is greater than the present aggregate market price of the common shares and accordingly, the acquisition of common shares under the bid represents an appropriate use of funds.

Altius also reports that its compensation committee has granted a total of 187,500 stock options to its employees, officers and directors. The exercise price of the options has been set at $28.00. Vesting of the options will occur in equal increments over a four-year period.

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Altius Minerals Corporation
    Brian F. Dalton
    Toll Free: 1-877-576-2209
    Altius Minerals Corporation
    Chad Wells
    Vice President - Corporate Development
    Toll Free: 1-877-576-2209
    Altius Minerals Corporation - Civic Address
    Suite 300, 53 Bond Street
    St. John's, NL, A1C 1S9, CANADA
    Toll Free: 1-877-576-2209
    (709) 576-3441 (FAX)
    Altius Minerals Corporation - Mailing Address
    P.O. Box 385
    St. John's, NL, A1C 5J9, CANADA