Pan Orient Notes Normal Course Issuer Bid
Pan Orient announced that the TSX Venture Exchange has accepted its Notice of Intention to Make a Normal Course Issuer Bid. Under the terms of the Bid, Pan Orient will purchase, for cancellation, up to 2,288,488 (5%) of its issued and outstanding common shares. As at August 6, 2008, Pan Orient had 45,769,766 common shares issued and outstanding. The Bid will commence on August 11, 2008 and will end no later than August 10, 2009.
Purchases pursuant to the Bid will be made from time to time by Wellington West Capital Markets on behalf of the Company through the facilities of the TSX Venture Exchange. Common shares purchased will be paid for with cash available from Pan Orient's substantial working capital. All common shares purchased pursuant to the Bid will be cancelled and returned to treasury.
Due to the volatility in the financial markets and commodity pricing, Pan Orient believes that the common shares may from time to time be undervalued in the market and constitute a good investment for the Company.
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