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Thermal Energy International Inc
Symbol TMG
Shares Issued 160,664,616
Close 2014-10-29 C$ 0.09
Market Cap C$ 14,459,815
Recent Sedar Documents

Thermal Energy to buy back up to 13.01 million shares

2014-10-30 10:05 ET - News Release

Mr. William Crossland reports

THERMAL ENERGY INTERNATIONAL ANNOUNCES CONTINUATION OF NORMAL COURSE ISSUER BID

Thermal Energy International Inc. intends to continue its normal course issuer bid for an additional year. The previously announced bid is set to expire on Oct. 31, 2014. Thermal Energy is continuing the bid because it believes that, from time to time, the market price for the common shares of the company does not reflect the underlying value of its business and its future prospects. The board of directors and senior management of Thermal Energy are of the opinion that under those circumstances the purchase of its shares at the prevailing market price may be in the best interest of the company and its shareholders.

The bid will consist of the purchase on the TSX Venture Exchange, from time to time, if and to the extent Thermal Energy considers it advisable, of up to 13,018,133 common shares, representing approximately 8 per cent of the outstanding common shares of Thermal Energy and approximately 10.0 per cent of the outstanding common shares excluding shares that are known to be held by promoters, insiders and pro-group members and their associates and affiliates. There are currently 160,664,616 common shares of Thermal Energy issued and outstanding. The period during which purchases may be made under the bid will commence on approval by the TSX Venture Exchange and will terminate one year later, or earlier if the numbers of shares sought in the bid have been obtained. Thermal Energy reserves the right to terminate the bid earlier if it feels it is appropriate to do so. All shares acquired under the bid will be returned to treasury for cancellation.

Common shares acquired by Thermal Energy under the bid will be purchased at the market price at the time of purchase and will be purchased on behalf of Thermal Energy by Canaccord Genuity, Thermal Energy's broker in connection with the bid. All acquisitions will be made in accordance with the rules and policies of the TSX Venture Exchange.

Since Nov. 1, 2013, Thermal Energy has acquired 3,367,000 common shares at an average price of seven cents pursuant to the previously announced bid.

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