CanaDream Corporation Announces Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwire - Nov. 2, 2012) - CANADREAM CORPORATION (TSX VENTURE:CDN) ("CanaDream" or "the Company") announces today that it will purchase at market price up to 980,983 common shares being approximately 5% of the issued and outstanding common shares, by way of a normal course issuer bid through the facilities of the TSX Venture Exchange. The bid is subject to regulatory approval. The bid will commence November 2, 2012 and will stay open for 12 months. CanaDream has engaged AltaCorp Capital Inc. ("AltaCorp") to act on the Company's behalf to make purchases pursuant to the NCIB.
In connection with the NCIB, CanaDream has entered into an automatic share repurchase plan (the "Plan") with AltaCorp in order to facilitate purchases of Common Shares. Under the Plan, AltaCorp may purchase Common Shares on CanaDream's behalf under the NCIB at times when CanaDream would ordinarily not be permitted to purchase shares due to self-imposed blackout periods or otherwise. The Plan will be implemented as of November 2, 2012, and purchases will be made by AltaCorp based upon the parameters prescribed by the Exchange, applicable laws and the terms and conditions of the Plan, until such time as the Plan is terminated at the option of CanaDream.
The reason for the bid is that, in the opinion of the board of directors, the value of CanaDream Corporation, based on anticipated cash flows and underlying asset values, is greater than the present aggregate market price of the common shares and accordingly, the acquisition of common shares under the bid represents a worthwhile investment and appropriate use of funds.
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