TORONTO, May 11 /CNW/ - Triax Resource Limited Partnership (the "Partnership") announced today that it intends to make a normal course issuer bid for its units according to the by-laws and policies of The Toronto Stock Exchange (the "TSE").
TRF General Partner Inc., the General Partner of the Partnership, believes that the current market price for the units does not adequately reflect their value. As at April 30, 2001, the units were trading at approximately a 29.2% discount to their net asset value.
The Partnership intends to purchase, if it considers it advisable to do so at the time of purchase, up to a maximum of 10% of the Partnership's public float, being approximately 694,214 of the 6,942,140 outstanding units less any units owned by principal unitholders. Any units purchased will be cancelled. The Partnership will purchase such units at their market price at the time of the transaction. The purchases will be made through the facilities of the TSE.
The bid will commence on May 15, 2001 and terminate on May 14, 2002 unless the maximum number of units purchasable thereunder has been acquired before that time or unless the Partnership provides notice that the bid has been terminated.
The Partnership trades on the TSE under the symbol TRF.UN.