Inter-Rock Minerals Inc. Announces Normal Course Issuer Bid
September 23 2010 - 1:23PM
Marketwired
Inter-Rock Minerals Inc. (TSX VENTURE: IRO) ("Inter-Rock")
announced today that it intends to commence a normal course issuer
bid (the "Bid") to repurchase from time to time up to 1,000,000 of
its common shares (the "Shares") at varying intervals, representing
4.4% of its issued and outstanding Shares. Purchases will be made
for cancellation through the facilities of the TSX Venture Exchange
(the "TSX-V").
At September 22, 2010 there were 22,672,811 Shares issued and
outstanding.
The Bid is intended to commence on September 27, 2010 and will
terminate September 27, 2011. The price that Inter-Rock will pay
for any Shares purchased will be paid in cash at the prevailing
market price of such Shares at the time of such purchase. The Bid
will be conducted through CIBC Investor Services Inc.
Inter-Rock believes that its Shares have been trading in a price
range that does not adequately reflect the value of the Shares in
relation to its current financial condition and future business
prospects. As a result, Inter-Rock believes that the repurchase of
the Shares through the Bid can enhance shareholder value and
represents an economically worthwhile investment and desirable use
of Inter-Rock's available funds. The Bid will also afford an
increased degree of liquidity to those shareholders of Inter-Rock
who wish to dispose of their Shares.
To the knowledge of Inter-Rock, no director or senior officer,
no person acting jointly or in concert with Inter-Rock and no
person holding 10% or more of any Shares of Inter-Rock currently
intends to sell Shares during the course of the Bid. However, sales
by such persons through the facilities of the TSX-V may occur if
the personal circumstances of any such person changes or any such
person makes a decision unrelated to the Bid. The benefits to any
such person whose Shares are purchased would be the same as the
benefits available to all other holders whose Shares are purchased
under the Bid.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any Shares, nor shall there be any
sale of the Shares in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful.
About Inter-Rock
Inter-Rock Minerals Inc. ("Inter-Rock" or the "Inter-Rock") owns
MIN-AD, Inc., an industrial minerals business that supplies a
specialty mineral to the beef and dairy cattle feed industry in
North America, and is also engaged in mineral exploration in
Nevada.
Forward-Looking Statements
This press release may contain forward-looking statements
including, without limitation, financial and business prospects and
financial outlooks, and such statements may be forward-looking
statements which reflect management's expectations regarding future
plans and intentions, growth, results of operations, performance
and business prospects and opportunities. Words such as "may",
"will", "should", "could", "anticipate", "believe", "expect",
"intend", "plan", "potential", "continue", and similar expressions
have been used to identify these forward-looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management. Forward-looking
statements involve significant risk and uncertainties. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including, but
not limited to, changes in general economic and market conditions
and other risk factors. Although the forward-looking statements
contained herein are based upon what management believes to be
reasonable assumptions, management cannot assure that actual
results will be consistent with these forward-looking statements.
Investors should not place undue reliance on forward-looking
statements. These forward-looking statements are made as of the
date hereof.
Contacts: Inter-Rock Minerals Inc. Michael B. Crombie President
(416) 367-3003 iro@on.aibn.com
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