Share buyback plans were announced recently by Calgary-based Golden Rule Resources (TSE) and its 58% owned subsidiary Manson Creek Resources (TSE). Golden Rule says it intends to acquire up to 1,052,000 (10%) of its 11,634,348 outstanding shares through a normal course issue bid which will run between Oct. 4, 1990 and Oct. 3, 1991.
Meanwhile, Manson Creek plans to acquire 5% or 410,098 of its 8,201,962 shares during the same period. The shares will be bought at market prices and the transaction can only be completed by way of open market purchases through the facilities of The Toronto Stock Exchange.
The companies say they are buying back the shares because current market prices reflect a discount from the actual value of the shares.
Manson Creek’s main area of activity is the Toodoggone gold camp of British Columbia. Golden Rule’s main gold properties are in the La Ronge greenstone belt of northern Saskatchewan.
Manson Creek’s shares have traded recently at 11 cents within a 52-week range of 10-38 cents, while shares of Golden Rule have traded at 95 cents within a 1-year range of 76 cents-$1.88.
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