Black Diamond Group Ltd T.BDI

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Black Diamond Group Limited Announces Normal Course Issuer Bid

GlobeNewswire - 1 hour ago

 

Black Diamond Group Limited ("Black Diamond" or the "Company") announces that it has obtained approval of the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid (the "NCIB") with respect to its common shares (the "Common Shares"). The NCIB will commence on January 15, 2021 and will terminate on the earlier of January 14, 2022, the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB or the date on which the NCIB is terminated.

Under the NCIB, the Company may, over a 12-month period commencing on January 15, 2021, purchase in the normal course through the facilities of the TSX or alternative trading systems, if eligible, up to 4,208,716 Common Shares, such amount representing 10% of the public float of the Common Shares and approximately 7% of the 58,252,072 issued and outstanding Common Shares. Furthermore, subject to certain exemptions for block purchases, the maximum number of Common Shares that the Company may acquire on any one trading day is 8,224 Common Shares, such amount representing 25% of the average daily trading volume of the Common Shares of 32,896 for the six calendar months prior to the start of the NCIB. All Common Shares purchased by the Company under the NCIB will be cancelled.

Management of Black Diamond believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such time the purchase of the Common Shares represents attractive investment value and would be in the best interests of Black Diamond. The purchase of Common Shares by Black Diamond will increase the proportionate interest of, and be advantageous to, all remaining shareholders.

During the prior NCIB of the Company, which will end on January 14, 2021, the Company obtained approval to purchase 4,180,249 Common Shares, and actually purchased 328,600 Common Shares at a weighted average price of approximately $1.26 per Common Share through the facilities of the TSX and alternative trading systems.