(Globe Newswire) Vancouver — EnWave Corporation announced that the TSX Venture Exchange 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 10,799,564 common shares, representing 10 per cent of the public float of EnWave as of December 5, 2023. The company is conducting the NCIB in order to maintain flexibility to purchase the common shares, if, among other things, the company determines that it is an appropriate use of corporate funds based on the market price of the common shares from time to time.
As of December 5, 2023, the company had 110,695,055 common shares outstanding. Under the TSXV policies, EnWave is entitled to purchase up to 2,213,901 shares in any 30-day period up to the maximum of 10,799,564.
The purchases may commence on December 7, 2023 and will end on December 6, 2024 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.
EnWave did not purchase or cancel any common shares under the previous normal course issuer bid that commenced on November 22, 2022 and expired on November 23, 2023.