(Globe Newswire) Vancouver — The TSX venture exchange has provided conditional acceptance of EnWave Corporation’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 10,798,644 common shares, representing 10 per cent of the public float of EnWave as of November 21, 2022.
In the opinion of the company’s board of directors, its common shares trade at prices that do not reflect the underlying value of the company including its growing royalty portfolio, its financial position and other material commercial opportunities. Accordingly, EnWave believes that purchasing and returning its common shares to treasury, when deemed appropriate by the company, represents an opportunity to enhance value for its ongoing shareholders.
As of November 21, 2022, the company had 110,440,055 common shares outstanding. Under TSXV policies, EnWave is entitled to purchase up to 2,208,801 shares in any 30-day period up to the maximum of 10,798,864 shares.
The purchases may commence on November 24, 2022 and will end on November 23, 2023, 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.