/Not for distribution to U.S. news wire
services or dissemination in the United
States/
TORONTO and MARSEILLES,
France, Oct. 23, 2018 /CNW/ - Foraco International SA
(TSX: FAR) (the "Company" or "Foraco") today announced that the
Toronto Stock Exchange (the "TSX") has accepted for filing the
Company's Notice in respect of a normal course issuer bid (the
"NCIB") to be transacted through the facilities of the TSX.
Pursuant to the NCIB, Foraco may purchase up to 1,000,000 of its
common shares (the "Shares") representing approximately 1.1% of the
total 89,951,798 common shares of the Company issued and
outstanding as at October 15,
2018. Purchases will be made at prevailing market prices
commencing October 25, 2018 and
ending October 24, 2019.
Pursuant to TSX policies, daily purchases will not exceed 1,000
common shares, other than block purchase exceptions.
In the previous NCIB that commenced October 16, 2017 and ended October 15, 2018, Foraco sought and obtained
approval from the TSX to purchase 1,000,000 of its common shares.
The Company has purchased 189,500 within the past rolling 12 months
and the average weighted price of the shares purchased was
0.38 CAD. The securities were all
repurchased through the TSX. The average daily trading volume for
the six months period prior to October 1,
2018 was 3,288 common shares.
The Company has engaged CIBC World Markets Inc. ("CIBC") as its
broker under an automatic share purchase plan to undertake
purchases under the NCIB. During the term of the automatic
share purchase plan the Company will not communicate any material
undisclosed information to the trading staff at CIBC, and
accordingly CIBC may make purchases regardless of whether a
blackout period is in effect or whether there is material
undisclosed information about the Company at the time purchases are
made.
The Company intends to hold the Shares, until the same are
required to be transferred to employees to satisfy the Company's
obligations in respect of grants made by Foraco to its employees
under the Company's free share plans.
A copy of the Company's Notice filed with the TSX may be
obtained, by any shareholder without charge, by contacting Foraco's
Vice-Chief Executive Officer and Chief Financial Officer,
Jean-Pierre Charmensat.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the
United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Foraco
Foraco International SA (TSX: FAR) is a global leading drilling
services company that provides turnkey solutions for mining,
energy, water and infrastructure projects. Supported by its
founding values of integrity, innovation and involvement, Foraco
has grown into the 3RD largest global drilling enterprise with
operations in 22 countries across five continents. For more
information about Foraco, visit www.foraco.com.
Caution concerning forward-looking statements
This press release may contain "forward-looking statements"
and "forward-looking information" within the meaning of applicable
securities laws. These statements and information include
estimates, forecasts, information and statements as to management's
expectations with respect to, among other things, the future
financial or operating performance of the Company and capital and
operating expenditures. Often, but not always,
forward-looking statements and information can be identified by the
use of words such as "may", "will", "should", "plans", "expects",
"intends", "anticipates", "believes", "budget", and "scheduled" or
the negative thereof or variations thereon or similar terminology.
Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Readers are cautioned that any such
forward-looking statements and information are not guarantees and
there can be no assurance that such statements and information will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed under the
heading "Risk Factors" in the Company's Annual Information Form
dated April 3, 2018, which is filed
with Canadian regulators on SEDAR (www.sedar.com). The
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements and information whether as
a result of new information, future events or otherwise. All
written and oral forward-looking statements and information
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary
statements.
SOURCE Foraco International SA