“6:01p ET 9/23/2022 - Globe Newswire
Company Announces Normal Course Issuer Bid for Subordinate Voting Shares of the Corporation
GlobeNewswireSeptember 23, 2022
LOS ANGELES, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) ("Irwin" or the "Company") announced today its intention to commence a normal course issuer bid ("NCIB"), under which the Company may purchase up to 75,466 of the Company's Subordinate Voting Shares ("SVS" or "Shares") over a 12-month period, representing approximately 5% of its issued and outstanding SVS as of September 26, 2022.
The Company is pursuing an NCIB because it believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company's business and future prospects. Irwin believes that, at such times, the repurchase of its Shares for cancellation represents an appropriate use of the Company's financial resources and will enhance shareholder value. CEO, Klee Irwin, commented, "We are emerging to be the dominant player in the disruptive psychedelic mental health care sector. Our roll-up of ketamine clinics is picking up momentum. Management and the board believe that, as the market recovers and as the company continues to demonstrate profit growth that shareholder value will be very positively impacted. As a result, we are taking advantage of the depressed stock market to buy back some of our stock."
NCIB
Canaccord Genuity Corp. has been appointed by the Company to coordinate and facilitate its NCIB purchases. Purchases are expected to commence on September 26, 2022 and will conclude on September 26, 2023, or an earlier date in the event purchases under the NCIB have been completed or if the Company feels it is appropriate. All Shares purchased by the Company under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange ("CSE") and/or alternative trading systems at the market price of the Shares at the time of acquisition. Shares will be purchased at the discretion of senior management of the Company. The average daily trading volume of the Shares on the CSE for the last six months is 1644. Shares acquired by the Company under the NCIB will be cancelled. During the last twelve months, the Company has not purchased any Shares under a normal course issuer bid through the facilities of the CSE
my posts are always theory and not financial advice
