07:59 AM EDT, 03/16/2022 (MT Newswires) -- StorageVault Canada Inc. ((SVI.TO) on Wednesday said it has received conditional acceptance from the Toronto Stock Exchange to conduct a normal course issuer bid to buy common shares and debentures for cancellation.
The 12-month buyback period starts March 18, the company said. It would fund the purchases out of available cash.
The company plans to purchase up to 18.93 million shares. It also plans to buy 5.75% senior unsecured hybrid debentures issued in July 2020 and due on Jan. 31, 2026 in the aggregate principal amount of $3.75 million.
In addition, it intends to buy 5.50% senior unsecured hybrid debentures issued in July 2021 and due on Sept. 30, 2026 in the aggregate principal amount of $2.875 million.
The shares and debentures that it plans to buy represent 5% each of the outstanding securities, the company said.
StorageVault's previous buyback ended on Jan. 24. It had sought to buy up to 18.3 million shares and $3.75 million 2020 debentures. However, it eventually bought 875,615 shares and didn't buy any debentures.