Inter-Rock Announces Normal Course Issuer Bid for Common Shares

Inter-Rock Minerals Inc. has received TSX Venture Exchange approval to commence a normal course issuer bid, allowing the company to repurchase up to 1,130,891 common shares for cancellation over the next twelve months. This represents 5% of the company's 22.6 million shares outstanding as of February 14, 2020, with Canaccord Genuity serving as the designated broker for the program.

The share buyback program reflects management's belief that the current share price does not adequately reflect the company's underlying value and future prospects. By purchasing shares below intrinsic value and canceling them, the program is designed to increase proportionate ownership for remaining shareholders while providing enhanced liquidity for those wishing to exit their positions. The company will fund purchases through working capital and conduct transactions through open market purchases on the TSXV or alternative Canadian trading systems.

Inter-Rock operates three business units focused on high-purity dolomite production and agricultural feed supplements through its Papillon Agricultural Company, MIN-AD Inc., and Mill Creek Dolomite subsidiaries. The company serves the animal feed, glass, roofing, and agricultural lime industries primarily in the United States market. This buyback program signals management confidence in the company's operational performance and market positioning within the specialty minerals sector.

The timing and scale of the share repurchase program will be determined at the board's discretion, with the program set to terminate upon purchasing the maximum 1.13 million shares, providing termination notice, or reaching the twelve-month anniversary. No insiders have indicated intentions to participate in the program, suggesting the buyback is designed to benefit external shareholders and improve the company's capital structure efficiency.