MISSISSAUGA, ON, Dec. 19 /CNW/ - DRAXIS Health Inc. (TSX: DAX)
(Nasdaq: DRAX) has received approval from the Toronto Stock Exchange (TSX) to
renew its Normal Course Issuer Bid. DRAXIS may repurchase up to 3,397,011 of
its common shares, which represents 10% of the 33,970,112 common shares in the
public float as of December 14, 2006. Purchases may begin on December 20, 2006
and will end no later than December 19, 2007 or earlier if the Company
purchases the maximum allowable number of shares. All shares purchased will be
acquired through the facilities of the TSX and will be cancelled. DRAXIS had
41,492,138 common shares issued and outstanding as of December 14, 2006.
During the previous twelve months DRAXIS purchased for cancellation 788,800 of
its common shares at the average price of CDN$5.21 under its previous Normal
Course Issuer Bid.
