EnWave Announces Normal Course Issuer Bid
GlobeNewswireOct 14, 2021 9:00 AM EDT
VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the "Company”) today announced that the TSX Venture Exchange (“TSXV”) has provided conditional acceptance of the Company’s normal course issuer bid, subject to the Company meeting all of the requirements of the TSXV.
Under the terms of the normal course issuer bid, EnWave may acquire up to 10,778,194 common shares, representing 10% of the public float of EnWave as of October 14, 2021. In the opinion of the Company’s Board of Directors, its common shares have been trading at prices that do not reflect the underlying value of the Company including its royalty portfolio, its strong financial position and the growth opportunities. Accordingly, EnWave believes that purchasing and returning its common shares to treasury represents an opportunity to enhance value for its ongoing shareholders. EnWave’s cash position allows for the implementation of the bid without adversely affecting the Company’s other opportunities.
As of October 14, 2021, the Company had 110,205,055 common shares outstanding. Under TSXV policies, EnWave is entitled to purchase up to 2,204,101 shares in any 30 day period up to the maximum of 10,778,194 shares.
The purchases may commence on October 29, 2021 and will end on October 28, 2022, or on such earlier date as EnWave may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSXV. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the Company. All shares purchased by the Company will be on the open market through the facilities of TSXV by Cormark Securities Inc. acting on behalf of EnWave in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation. The prices that EnWave will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition.
Under the previous normal course issuer bid that commenced on October 22, 2020 and will expire on October 21, 2021, EnWave has purchased and cancelled an aggregate total of 1,779,700 common shares at a weighted average price of $1.04 per common share.
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