TORONTO, ONTARIO--(Marketwire - Nov. 22, 2012) - Can-60 Income Corp. (the "Corporation") (TSX:CSY) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 2,128,415 non-voting equity shares ("Shares") of the Corporation, representing approximately 10% of the public float which is the same number as the Corporation's issued and outstanding Shares, being 21,284,151 Shares as of the close of November 14, 2012. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 425,683 Shares, being 2% of the issued and outstanding Shares as of the close of November 14, 2012. Purchases of Shares under the NCIB may commence on November 26, 2012. First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Shares purchased by the Corporation pursuant to the NCIB will be cancelled. The NCIB will expire on November 25, 2013.
On November 23, 2011, the Fund announced that it was making a Normal Course Issuer Bid, which commenced November 25, 2011, to purchase up to 2,562,470 Shares through the facilities of the TSX. Under the bid, which will expire on November 24, 2012, an aggregate of 169,200 Shares were repurchased at a weighted average price of $8.01 per Share excluding commissions.