Guide Exploration Ltd.

Guide Exploration Ltd.

December 08, 2011 17:40 ET

Guide Exploration Ltd. Announces Normal Course Issuer Bid for Class A Shares

CALGARY, ALBERTA--(Marketwire - Dec. 8, 2011) - Guide Exploration Ltd. ("Guide" or the "Corporation") (TSX:GO) is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted Guide's Notice of Intention to make a normal course issuer bid (the "NCIB"). Under the NCIB, Guide may purchase for cancellation, from time to time, as Guide considers advisable, up to a maximum of 4.6 million Class A shares of the Corporation ("Class A Shares") or approximately five (5%) percent of the issued and outstanding Class A Shares. Purchases of Class A Shares will be made on the open market through the facilities of the TSX. The price which Guide will pay for any Class A Shares purchased by it will be the prevailing market price of the Class A Shares on the TSX at the time of such purchase. The actual number of Class A Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Guide, subject to a maximum daily purchase limitation of 121,149 Class A Shares which equates to 25% of Guide's average daily trading volume trading volume for the six months prior to November 30, 2011 which was 484,597.

The NCIB will begin effective as of December 13, 2011 and will terminate on December 12, 2012 or such earlier time as the NCIB is completed or terminated at the option of Guide. FirstEnergy Capital Corp. will continue to act on the Corporation's behalf to make purchases of Class A Shares pursuant to the NCIB.

Management of Guide believes that, from time to time, the market price of its Class A Shares may not fully reflect the underlying value of the Class A Shares and that at such times the purchase of Class A Shares would be in the best interests of Guide. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.

Under Guide's normal course issuer bid previously in place which commenced on December 1, 2010 and expired on November 30, 2011, Galleon purchased a total of 1,022,100 Class A Shares for cancellation at a weighted average price of $2.36 per Class A Share.

Guide has 92,407,135 Class A Shares issued and outstanding which trade on the TSX under the symbol "GO".

Contact Information

  • Guide Exploration Ltd.
    Jennifer Livingston
    Manager, Investor Relations
    (403) 261-6012

    Guide Exploration Ltd.
    William Andrew
    Chair and Chief Executive Officer
    (403) 261-6012