HUMBOLDT ANNOUNCES NORMAL COURSE ISSUER BID
27 August 2010 - 11:00PM
PR Newswire (Canada)
CALGARY, Aug. 27 /CNW/ -- CALGARY, Aug. 27 /CNW/ - Humboldt Capital
Corporation (TSX-V: HMB) Humboldt Capital Corporation announced
today that it has received approval from the TSX Venture Exchange
(the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to
purchase for cancellation, from time to time, as it considers
advisable, up to 603,930 of the issued and outstanding Common
Shares (being approximately 5% of the Common Shares outstanding at
August 26, 2010). Purchases will be made on the open market through
the facilities of the Exchange. CIBC Wood Gundy will conduct the
Bid on behalf of Humboldt. The price which Humboldt will pay for
any shares purchased by it will be the prevailing market price of
such shares on the Exchange at the time of such purchase. Pursuant
to Normal Course Issuer Bids, during the previous 12 months,
Humboldt purchased 41,000 Common Shares at an average price of
$2.10 per share. The Bid will commence on August 31, 2010 and will
terminate on August 30, 2011, or such earlier time as the
applicable Bid is completed or at the option of Humboldt. The Board
of Directors of Humboldt believe that the current and recent market
prices of Humboldt's shares do not give full effect to their
underlying value and that, accordingly, the purchase of shares will
increase the proportionate share interest of, and be advantageous
to, all remaining shareholders. The normal course purchases will
also afford an increased degree of liquidity to Humboldt
shareholders who would like to dispose of their shares. Allan R.
Twa, a director of the Corporation, and holder of 82,287 common
shares of the Corporation, has indicated to the Corporation his
intention to sell his shares during the currency of the bid. SEDAR
Filings Further information regarding financial and operating
results may be obtained at www.sedar.com, where the Company's
MD&A and financial statements will be filed this week.
Forward-looking statements - the press release today contains
"forward-looking" information. Actual results could differ
materially from the conclusions, forecasts or projections in the
forward-looking information. Certain material factors and
assumptions were applied in drawing the conclusions or making the
forecasts or projections as reflected in the forward-looking
information. Additional information about the material factors that
could cause actual results to differ materially from the
conclusion, forecast or projection in the forward-looking
information and the material factors or assumptions that were
applied in drawing the conclusion or making the forecast or
projection as reflected in the forward-looking information is
contained in the press release. Where amounts are expressed on a
barrel of oil equivalent (boe) basis, natural gas volumes have been
converted to barrels of oil at six thousand cubic feet (mcf) per
barrel (bbl). Boe figures may be misleading, particularly if used
in isolation. A boe conversion of six thousand cubic feet per
barrel is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. References to oil in this
discussion include crude oil and natural gas liquids (NGLs). THE
TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. R.W.
Lamond, Chairman of the Board - or - C.A. (Tony) Teare, Executive
Vice President, HUMBOLDT CAPITAL CORPORATION, Telephone: (403)
269-9889, Fax: (403) 269-9890, TSX-V: HMB
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