TSXV: CAA
VANCOUVER, Dec. 18, 2012 /CNW/ - Callinan Royalties
announces that it proposes to extend into 2013 its normal course
issuer bid (the "Bid") and has filed a further Notice of
Intention to Make a Normal Course Issuer Bid with the TSX
Venture Exchange ("TSXV").
Under the Bid in 2013, a total of up to
2,411,451 of its common shares may be purchased through the
facilities of the TSXV and any such purchases will be at market
prices. The Bid will commence on or after January 1, 2013 and will end on December 31, 2013 or on such earlier date as
Callinan may complete its purchases pursuant to the Bid or as it
may otherwise determine.
Callinan is continuing to engage in the Bid
because it believes that the market price of its common shares does
not properly reflect its underlying value. Purchases pursuant to
the Bid will be conducted through Haywood Securities Inc. Under the
Bid in 2012, Callinan has to date purchased 932,800 shares at an
average price of $2.75 for
cancellation.
On Behalf of the Board of Directors,
Roland Butler
Roland Butler, CEO
About Callinan Royalties
Callinan Royalties is a Canadian company that
creates and acquires mineral royalties. The company uses its
royalty income to provide alternative financing options to mineral
exploration and development companies with attractive
projects. Callinan's strategy is to create shareholder value
over the long term by generating a portfolio of profitable mineral
royalties.
The Corporation currently has two producing
royalties. Callinan holds a 6⅔% net profits interest royalty and a
$0.25 per ton production royalty on
lands that include the 777 Mine owned by HudBay Minerals Inc.
located in Flin Flon, Manitoba,
Canada as well as the adjacent 777 North Mine scheduled for
production in 2012. Callinan also holds the 777 Deeps (War Baby)
property and an associated royalty option on the property, which is
located adjacent to the 777 Mine.
Callinan is a dividend paying Tier 1 company
listed on the TSX Venture Exchange under the symbol CAA. The
Corporation has a strong financial position with no debt,
approximately $27 million in cash and
approximately 48.2 million shares outstanding.
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain of the
information presented in this News Release may constitute
"forward-looking statements" or "forward-looking information"
within the meaning of Canadian securities legislation (together
referred to as "forward-looking statements"). The forward-looking
statements are subject to risks, uncertainties and other factors
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
any delays in the receipt of consents or approvals. Although
Callinan Royalties has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this News
Release and in any document referred to in this News Release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and
Callinan Royalties undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as required by
applicable law.
SOURCE Callinan Royalties Corporation