intention to re-commence its Normal Course Issuer Bid CALGARY, AB, Oct. 5, 2021 /PRNewswire/ - Top Strike Resources Corp. d.b.a. Vencanna Ventures ("Vencanna" or the "Corporation") (CSE: VENI) On September 29, 2020, the Corporation announced its intention to re-commence its Normal Course Issuer Bid ("NCIB", or the "Bid"). The NCIB expired October 5, 2021. During the period, the Corporation purchased 580,000 common shares of the Corporation ("Shares") at an average purchase price of $0.022. per Share.
As of the date hereof, the Corporation announces its intention to re-commence its NCIB. Under the Bid, the Corporation may purchase up to 5% of the Corporation's Shares. The Bid is expected to commence no sooner than October 12, 2021, and will terminate on the earlier of one year from commencement of the Bid or on the date on which the maximum number of Shares that can be acquired pursuant to the Bid have been purchased. The Corporation reserves the right to revoke the Bid earlier if it determines that it is appropriate to do so. The actual number of Shares that may be purchased under the Bid and the timing of any such purchases will be determined by the Corporation.
Vencanna is executing the Bid because it believes that, from time to time, the market price of its Shares does not reflect the underlying value of the Corporation and its prospects, and that depending on the trading price of its Shares and other relevant factors, purchasing its own Shares represents an attractive investment opportunity and is in the best interests of the Corporation and its shareholders.
All Shares will be purchased under the Bid on the open market and through the facilities of the CSE and payment for the Shares will be made in accordance with CSE policies. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of Shares, regulatory requirements and other corporate considerations. The price paid for Shares will be the prevailing market price at the time of purchase and all Shares acquired by the Corporation will be cancelled. The Corporation has 181,411,390 Shares issued and outstanding as of today's date. Purchases may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the Bid. The Corporation has engaged Independent Trading Group (ITG) Inc. to act as the broker through which the Bid will be conducted.
About Vencanna
On September 24, 2018, the Corporation announced the completion of a recapitalization financing, the appointment of a new management team and board of directors and commencement of trading on the CSE. The transactions have transitioned the Corporation from an oil and gas issuer to a merchant capital firm, rebranded as "Vencanna Ventures". The recapitalized Corporation aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on strong management operating in state compliant jurisdictions with barriers to entry. The Corporation looks to provide investors with a diversified, high-growth, cannabis investment strategy through strategic investments focused through-out the value chain (cultivation, processing and distribution, and including ancillary businesses).
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