The Company intends to proceed with a normal course issuer bid to purchase up to 4,000,000 common shares of the Company (the '2023 Bid').
The Company is commencing the 2023 Bid because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that the purchase of common shares for cancellation is in the best interests of the Company's shareholders by increasing the respective proportionate shareholdings and therefore increasing the respective equity interest in the Company for all remaining shareholders.
As of
All shares will be purchased on the open market through the facilities of the TSX, and payment for the common shares will be in accordance with TSX policies. The price paid for the common shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the 2023 Bid.
The maximum number of common shares that may be purchased on a daily basis is 3,177 common shares representing 25% of the average daily trading volume 12,708 for the last six calendar months, except where purchases are made in accordance with 'block purchases' exemptions under applicable TSX policies. The common shares purchased by the Company will be cancelled.
The Company has engaged
Previous purchases were made by the Company under a prior normal course issuer bid (the '2022 Bid'), the results of which are noted hereunder.
Results of 2022 Bid
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 4,000,000 Common Shares for the period of
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