CALGARY, AB, Oct. 21, 2021 /CNW/ - Nanalysis Scientific Corp. ("the Company", TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1), is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to make a Normal Course Issuer Bid ("NCIB") to purchase for cancellation, during the 12-month period starting October 25, 2021, up to 3,844,081 of the Common Shares, representing 5% of the Common Shares outstanding as of October 25, 2021. The program will end on October 24, 2022, the maximum amount of Common Shares is purchased before then or Nanalysis provides earlier notice of termination.
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The purchase and payment for the Common Shares will be made by Nanalysis through the facilities of the TSX Venture Exchange. Research Capital Corp has been selected as Nanalysis' agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. Nanalysis intends to fund the purchases out of available cash.
Nanalysis believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board's opinion, the proposed purchase of Common Shares pursuant to the NCIB could constitute an appropriate use of Nanalysis' funds, and the repurchase of its Common Shares is one way of creating shareholder value and provides corporate flexibility.
To the knowledge of Nanalysis, no director, senior officer or other insider of the Nanalysis currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.
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