TORONTO, May 23, 2012 /PRNewswire/ --
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX: DM.U) announced today that the Toronto Stock Exchange ("TSX") has approved Duluth's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB") to purchase for cancellation, from time to time, its common shares (the "Shares") through the facilities of the TSX and other available trading platforms. Duluth has TSX approval to purchase for cancellation up to a maximum of 5% of Duluth's issued and outstanding Shares. As of May 22, 2012, the total number of issued and outstanding Shares was 125,568,568 Shares. The price which Duluth will pay for any Shares purchased by it will be the prevailing market price of the Shares on the TSX or such other exchange or marketplace, as applicable, at the time of such purchase.
The NCIB will commence on May 25, 2012 and will terminate on May 24, 2013 or such earlier time as the NCIB is completed or terminated at the option of Duluth.
Duluth believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Shares and that at such times the purchase of Shares represents attractive investment value and would be in the best interests of Duluth. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.
The actual number of Shares that may be purchased and the timing of any such purchases will be determined by Duluth, subject to a maximum daily purchase limitation of 27,377 Shares which equals 25% of the average daily trading volume of 109,508 Shares calculated in accordance with the TSX rules, except where purchases are made in accordance with "block purchase" exemptions under applicable TSX rules. Duluth purchased 1,144,000 common shares at an average weighted trading price of $2.089 per common share under their previous NCIB.
About Duluth Metals Limited
Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals' primary activities are located within the rapidly emerging Duluth Complex mining camp in north-eastern Minnesota. The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals.
This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Duluth, the environment in which it operates, timing and amount of capital expenditures, results of exploration and mine development, the availability of funding to Duluth and timing of geological reports. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in the annual information form under the heading "Risk Factors" and in the other public filings of Duluth. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Duluth disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
For further information:
Director of Corporate Communications
Telephone: +1-416-369-1500 ext. 222
Duluth has its head office at 80 Richmond Street West, Suite 1500, Toronto, Ontario.