CALGARY, ALBERTA--(Marketwired - Oct. 25, 2016) - GrowMax Resources Corp. (TSX VENTURE:GRO) ("GrowMax" or the "Company") is pleased to announce that the TSX Venture Exchange (the "TSXV") has accepted the notice filed by the Company of its intention to make a normal course issuer bid through the facilities of the TSXV.
Pursuant to the notice accepted by the TSXV, the Company may, during the period commencing October 24, 2016 and ending October 23, 2017, purchase for cancellation, through the facilities of the TSXV and at the market price of the Company's common shares ("Common Shares") at the time of purchase, up to 10,976,282 Common Shares, representing approximately 5% of the Company's issued and outstanding Common Shares. The member who will conduct the normal course issuer bid on behalf of the Company is Mackie Research Capital Corporation. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by the Company, and will be made in accordance with the requirements of the TSXV.
Management of the Company believes that the present trading price of the Common Shares of the Company is at a significant discount to a figure which is reflective of the Company's value as a whole. This being the case, management is of the view that it is in the best interests of all shareholders of the Company that, from time to time, Common Shares be acquired by the Company and returned to treasury, thus increasing the Company's net asset value per Common Share for remaining shareholders.
About GrowMax Resources Corp.
GrowMax Resources Corp. is a publicly listed Canadian company (Ticker GRO on TSX-V) focused on exploration and development of phosphate and potassium-rich brine resources on its Bayovar concessions, which are located in the Sechura Desert in northwestern Peru. The company's vision is to become a leading producer of phosphate and potash fertilizer products in Peru.
GrowMax Resources Corp. owns approximately 92% of GrowMax Agri Corp., a private company that owns 100% of the Bayovar concessions, which currently cover approximately 227,000 gross acres. The Indian Farmers Fertiliser Co-operative Limited (IFFCO) and its affiliates own approximately 8% of GrowMax Agri Corp.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as "forward-looking statements." These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, there is no assurance that the Company will purchase for cancellation any of the Common Shares pursuant to the normal course issuer bid. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.