PHOENIX,
AZ, May 11, 2015 /CNW/
- GWR Global Water Resources Corp. (TSX: GWR) (the "Company"),
announced today that it has received approval from the Toronto
Stock Exchange ("TSX") to repurchase, for cancellation, common
shares of the Company pursuant to a normal course issuer bid
("NCIB").
The board of directors of the Company believes
that the repurchase of its common shares from time to time can be
undertaken at prices that make the acquisition of such common
shares an appropriate use of the Company's available funds and an
appropriate mechanism for enhancing shareholder value.
Under the NCIB, up to 87,500 common shares
(representing approximately 1% of the total issued and
outstanding common shares) may be repurchased in open market
transactions on the TSX between May 13,
2015 and May 12, 2016.
The actual number of shares to be purchased and the timing of such
purchases will be determined by the Company considering market
conditions, stock prices, its cash position and other
factors. Except as permitted under the TSX rules, any daily
repurchases will be limited to a maximum of 3,239 common shares
other than block purchase exemptions, which represents 25% of the
average daily trading volume on the TSX for the six months ended
April 30, 2015. On May 5, 2015, there were 8,754,612 common shares
of the Company outstanding.
About GWR Global Water Resources
Corp.
The Company was incorporated in British Columbia to acquire shares of U.S.
based Global Water and to actively participate in the management,
business and operations of Global Water through its representation
on the board of directors of Global Water and its shared management
of Global Water.
About Global Water Resources, Inc.
Global Water is a pure-play, high-growth water resources company
located in Phoenix, Arizona, that
owns and operates regulated water, wastewater and recycled water
utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain
forward-looking statements. These forward looking statements
include, but are not limited to our plans, objectives, expectations
and intentions, and other statements contained in this release that
are not historical facts as well as statements identified by words
such as "expects", "anticipates", "intends", "plans", "believes",
"seeks", "estimates", or the negative of these terms, or other
words of similar meaning. These statements are based on our current
beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are
beyond our control. Actual results may differ materially from these
expectations due to changes in global political, economic,
business, competitive, market and regulatory factors and other
factors discussed under the heading "Risk Factors" in the Company's
most recent Annual Information Form. We undertake no obligation to
publicly update any forward-looking statement, except as required
by law, whether as a result of new information, future developments
or
otherwise.
SOURCE GWR Global Water Resources Corp.