|By Marketwired .||
|August 12, 2013 10:33 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Canadian Silver Hunter Inc. (the "Company") (TSX VENTURE:AGH) is pleased to announce today that it intends to proceed with a normal course issuer bid to purchase up to 636,873 of its common shares (the "Bid").
The Company is commencing the Bid because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business, mineral properties and future prospects. The Company believes that the repurchase of its common shares for cancellation is in the best interests of its shareholders because the Bid will increase the respective proportionate shareholdings and equity interests of all remaining shareholders.
As of the date hereof, the Company has 18,201,333 common shares issued and outstanding (including shares held for cancellation). The 636,873 common shares that may be purchased by the Company under the Bid represent approximately 10% of the Company's public float. The Company received acceptance from the TSX Venture Exchange (the "TSXV") to commence the Bid on August 13, 2013. The Bid will terminate on August 12, 2014, or on an earlier date in the event that the number of common shares sought in the Bid has been repurchased. The Company reserves the right to terminate the Bid earlier if it feels that it is appropriate to do so.
All common shares will be purchased on the open market through the facilities of the TSXV, and payment for the common shares will be made in accordance with TSXV policies. The price paid for the common shares will be the prevailing market price at the time of purchase. Purchases may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the Bid.
The Company has engaged All Group Financial Services Inc. to act as the broker through which the Bid will be conducted. During the past 12 months, the Company repurchased 130,500 of its common shares at an average price of approximately $0.0574 per share through its previous normal course issuer bid which expired on July 25, 2013.
About Canadian Silver Hunter Inc.
Canadian Silver Hunter Inc. is a Canadian exploration company focused on the exploration of silver-cobalt deposits on its flagship South Lorrain Project (formerly the Keeley Frontier Project). The South Lorrain Project is located within the historic South Lorrain Silver Camp, which along with the historic Cobalt and Gowganda silver camps is part of a world class silver district in the Abitibi Greenstone Belt between Temagami and Kirkland Lake, in northeastern Ontario.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, the normal course issuer bid, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and other matters discussed in this release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.