/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO and MARSEILLES,
France, Sept. 27, 2012 /CNW/ - Foraco International SA
(TSX: FAR) (the "Company" or "Foraco") today announced that the
Toronto Stock Exchange (the "TSX") has accepted for filing the
Company's Notice in respect of a normal course issuer bid (the
"NCIB") to be transacted through the facilities of the TSX.
Pursuant to the NCIB, Foraco may purchase up to
1,500,000 of its common shares (the "Shares") representing
approximately 1.8% of the total 82,951,798 common shares of the
Company issued and outstanding as at September 15, 2012. Purchases will be made
at prevailing market prices commencing September 28, 2012 and ending September 27, 2013. Pursuant to TSX
policies, daily purchases will not exceed 8,923 common shares,
other than block purchase exceptions.
The Company has engaged CIBC World Markets Inc.
("CIBC") as its broker under an automatic share purchase plan to
undertake purchases under the NCIB. During the term of the
automatic share purchase plan the Company will not communicate any
material undisclosed information to the trading staff at CIBC, and
accordingly CIBC may make purchases regardless of whether a
blackout period is in effect or whether there is material
undisclosed information about the Company at the time purchases are
made.
The Company intends to hold the Shares, until
the same are required to be transferred to employees to satisfy the
Company's obligations in respect of grants made by Foraco to its
employees under the Company's free share plans, or for the purpose
of potential acquisitions by Foraco.
Under the Company's previous NCIB, which
commenced on March 14, 2011 and ended
on March 13, 2012, the Company was
permitted to purchase a maximum of 1,000,000 common shares
(increased to 1,500,000 on December 23,
2011). Pursuant to the policies of the TSX, the
previous NCIB also included a daily purchase limit of 17,400 common
shares, other than block purchase exceptions. Under the
Company's previous NCIB, the Company acquired 1,500,000 common
shares at a weighted average price of $3.44 per share through the facilities of the
TSX. Currently the Company holds 90,498 of its own common
shares.
A copy of the Company's Notice filed with the
TSX may be obtained, by any shareholder without charge, by
contacting Foraco's Vice-Chief Executive Officer and Chief
Financial Officer, Jean-Pierre Charmensat.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Foraco International SA
Foraco International SA (TSX: FAR) is a leading
global mineral drilling services company that provides a
comprehensive and reliable service offering in mining and water
projects. Supported by its founding values of integrity, innovation
and involvement, Foraco has grown into the third largest global
drilling enterprise with a presence in 23 countries across five
continents. For more information about Foraco, visit
www.foraco.com.
Caution concerning forward-looking statements
This press release may contain
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws. These
statements and information include estimates, forecasts,
information and statements as to management's expectations with
respect to, among other things, the future financial or operating
performance of the Company and capital and operating
expenditures. Often, but not always, forward-looking
statements and information can be identified by the use of words
such as "may", "will", "should", "plans", "expects", "intends",
"anticipates", "believes", "budget", and "scheduled" or the
negative thereof or variations thereon or similar
terminology. Forward-looking statements and information are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. Readers are cautioned that any such
forward-looking statements and information are not guarantees and
there can be no assurance that such statements and information will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed under the
heading "Risk Factors" in the Company's Annual Information Form
dated March 31, 2010, which is filed
with Canadian regulators on SEDAR (www.sedar.com). The
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements and information whether as
a result of new information, future events or otherwise. All
written and oral forward-looking statements and information
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary
statements.
SOURCE Foraco International SA