TORONTO, May 23 /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 "TSX").
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 May 21, 2002, the units were trading at approximately a 10.96% 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 612,763 of the 6,127,630 outstanding units less any units owned by principal limited partners. 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 TSX.
This is the second normal course issuer bid announced by the Partnership. The first bid commenced on May 15, 2001 and expired on May 14, 2002. Under that bid, the Partnership acquired a total of 16,200 units at an average price of $6.36 per unit.
The current bid will commence on May 27, 2002 and terminate on May 26, 2003 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 TSX under the symbol TRF.UN.
For further information: please call the General Partner at (416) 362-2929 or at (800) 407-0287.