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CALGARY, Alberta, Canada (Marketwire – January 21, 2013) – New Millennium Iron Corp. (“NML” or the “Corporation”) (TSX: NML) announced today that is has made the necessary filings, and received the necessary approvals to conduct a normal course issuer bid (“NCIB”) through the facilities of the Toronto Stock Exchange (“TSX”).
The TSX accepted the Corporation’s notice to conduct the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, the Corporation is authorized to purchase up to 5,000,000 common shares, representing approximately 2.8% of the currently issued and outstanding common shares of the Corporation. As of today's date, there are 179,471,646 common shares outstanding. On any trading day, NML will not purchase more than 46,091 common shares, other than through block purchase exceptions.
The Corporation is authorized to make purchases during the period from January 23, 2013 to January 22, 2014, or until such earlier time as the NCIB is completed or terminated at the option of the Corporation. Any common shares the Corporation purchases under the NCIB will be purchased on the open market through the facilities of the TSX, at the prevailing market price at the time of the transaction. The Corporation has appointed Haywood Securities Inc. as its broker to conduct the NCIB transactions. All common shares acquired under the NCIB will be cancelled. During the 12 months preceding January 23, 2013, the Corporation did not repurchase any common shares.
Management of the Corporation believes that from time to time the market price of the NML common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, the purchases by NML under the NCIB may increase liquidity to the Corporation’s shareholders wishing to sell their common shares.
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