Silvermet Announces Normal Course Issuer Bid
8 King Street East, Suite 1700 Toronto, Ontario, Canada M5C 1B5 Telephone: (416) 203-8336 Facsimile: (416) 368-5146
SILVERMET ANNOUNCES NORMAL COURSE ISSUER BID
Toronto, March 7, 2012 Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) announced today that it has filed a Notice of Intention to make a Normal Course Issuer Bid (“NCIB”) with the TSX Venture Exchange.
Under the Normal Course Issuer Bid and subject to regulatory approval, the Company will purchase up to 14,552,872 common shares which number of common shares is equal to 10% of the Company’s public float, over the twelve (12) month period ended March 11, 2013 through D&D Securities Inc.
As announced in its news release dated February 29, 2012 Silvermet generated record production and sales in 2011. In addition, Silvermet recently secured approval for the acquisition of land in Turkey suitable for the construction of new production facilities which on commencement of operations, will materially increase production volumes and earnings.
Silvermet is of the opinion that the market price of its common shares does not reflect fair value and as such purchases made under the NCIB represent good value to Silvermet and its shareholders.
About Silvermet:
Silvermet’s principal business activity is the recycling of electric arc furnace dust (“EAFD”) obtained from steel companies through a Waelz kiln to recover zinc concentrates that are then sold to zinc smelters throughout the world. The Company owns 49% of a joint venture, Befesa Silvermet Turkey S.L. (“BST”), which operates a Waelz kiln facility located in Iskenderun, Turkey.
For further information, please contact:
Stephen G. Roman Ian D. Atacan Chairman, President & CEO Chief Financial Officer [email protected] [email protected] www.silvermet.ca
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
"Neither 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."
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.