TSXV: CAA
VANCOUVER, Dec. 19, 2014 /CNW/ - Callinan Royalties
Corporation ("Callinan," the "Company") (TSXV: CAA) announces that
it proposes to extend into 2015 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 2015, a total of up to 2,461,229 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, 2015
and will end on December 31, 2015 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 investment
advisor, John Tognetti. Callinan has
conducted a normal course issuer bid since 2011, acquiring a total
of 3,139,000 at an average price of $2.55 for cancellation.
About Callinan Royalties
Callinan Royalties Corporation is one of the oldest public
listings in Canada and one of the
first contributors to the development of the Flin Flon, Manitoba copper-zinc district.
Callinan currently holds a portfolio of royalties including its
cornerstone 6⅔% net profits interest royalty on the Hudbay 777
Mines which will be converted to a 4% NSR at January 1, 2015.
The Company invests its royalty income to provide alternative
financing options to mineral exploration and development companies
with attractive projects and excellent management.
Callinan is a dividend paying Tier 1 company currently listed on
the TSX Venture Exchange under the symbol CAA, and has received
conditional approval for graduation to the Toronto Stock Exchange.
The Corporation has a strong financial position with no debt,
recurring annual cash flow from the 777 royalties and approximately
49.2 million shares outstanding.
For more information, please visit www.callinan.com or
contact:
Glenn Brown, CEO - Extension
3 or Flora Wood, Corporate Communications -- Extension
4
1-604-424-8639
shareholder@callinan.com
Corporate Office
770 - 475 West Georgia Street
Vancouver, BC
Canada, V6B 4M9
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