Aleafia Health Inc. (ALEAF)

[oatsuzn]

Canabo Announces Normal Course Issuer Bid

Canabo Medical Inc. (TSX-V – CMM; “Canabo” or the “Company”) announces that the TSX Venture Exchange (“TSX-V”) has accepted for filing Canabo’s Notice for its normal course issuer bid (the “Bid”) to be transacted through the facilities of the TSX-V.

 

Pursuant to the Bid, Canabo may purchase up to 2,720,000 common shares, which represents approximately 10% of the total current public float (being the total issued shares, less shares held by insiders, and their associates and affiliates).  Purchases will be made at the discretion of Canabo at prevailing market prices, for a 12 month period.  Canabo intends to hold all shares acquired under the Bid for cancellation.  The funding for any purchase pursuant to the Bid will be financed out of the unallocated working capital of the Company.

 

The Board of Directors believes the underlying value of the Company may not be reflected in the current market price of the Company’s common shares. With a cash flow positive outlook and the fact that the market may be undervaluing Canabo, the Board has determined that the Bid is in the best interests of the Company and its shareholders.

 

John Philpott, Canabo’s Chief Executive Officer commented, Canabo’s Board of Directors believes that the value of the Company’s assets is currently not appropriately reflected in Canabo’s current share price and therefore believes that positioning Canabo to repurchase and cancel its common shares is a prudent use of Canabo’s cash that is accretive to Canabo shareholders in the context of the current market.”


https://www.canabomedicalclinic.com/canabo-announces-normal-course-issuer-bid/