Perlite Canada Inc.
TSX VENTURE : PCI

Perlite Canada Inc.

March 14, 2008 12:26 ET

Perlite Canada Inc. Announces Commencement of Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwire - March 14, 2008) - Perlite Canada inc. ("Perlite") (TSX VENTURE:PCI) announces that it has filed with the TSX Venture Exchange (the "Exchange") and the Exchange has accepted, a notice of intention to proceed with a normal course issuer bid. Under its normal course issuer bid, Perlite intends to purchase up to 772,705 common shares, representing approximately 10% of the public float of the common shares issued and outstanding as of March 14, 2008. As of March 14, 2008, 10,830,059 common shares were issued and outstanding. Perlite will cancel any common shares purchased pursuant to the normal course issuer bid. The purchases may commence on March 20, 2008 and will terminate on March 19, 2009, or on such earlier date as Perlite will have completed its purchases or otherwise decides not to proceed with other acquisitions. Purchases will be made on the open market by Perlite through the facilities of the Exchange in accordance with the Exchange requirements. Perlite will pay the market price of common shares on the Exchange at the time of purchase and no purchases of common shares will be made other than open-market purchases.

Perlite considers that its common shares are currently undervalued and that repurchasing such shares is a sound business and financial decision and a good and reasonable use of Perlite's cash.

During the financial year ended October 31, 2007 Perlite redeemed and cancelled a total of 392,500 common shares within the context of a Normal Course Issuer Bid for a cash consideration of $118,440, excluding commission fees, being an average purchase price of $0,30 per share. No share has been redeemed by Perlite during the current financial year.

Canaccord Capital Inc. will conduct the normal course issuer bid on behalf of Perlite.

Perlite Canada Inc. specializes in the processing, distribution and sale of perlite and vermiculite, two minerals used in industry and horticulture.

The common shares of Perlite Canada inc. are listed for trading on the TSX Venture Exchange.

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

Contact Information

  • Perlite Canada Inc.
    Richard Barabe
    514-336-6665 / 514-984-9798
    514-336-6651 (FAX)