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TORONTO, Nov. 26, 2018 (GLOBE NEWSWIRE) -- Terra Firma Capital Corporation (TSX-V: TII) (“Terra Firma” or the “Company”), a real estate finance company, announced today approval by the TSX Venture Exchange (the “TSX-V”) of the Company’s renewal of its Normal Course Issuer Bid (“NCIB”) which terminated on November 6, 2018 (the “Prior NCIB”), the date on which the Corporation had purchased the maximum of 4,255,765 common shares permitted to be acquired pursuant to the Prior NCIB. Pursuant to the renewed NCIB, the Company proposes to purchase through the facilities of the TSX-V (or by other means as may be permitted by the TSX-V), from time to time over the next 12 months, if considered advisable, up to an aggregate of 4,186,319 common shares, being approximately 10% of the Company’s public float (as such term is defined under the TSX-V Corporate Finance Manual). The Company may not purchase more than 2% of the issued and outstanding common shares during any 30 day period, which as of the date of this announcement represents 1,196,649 common shares.
The 4,255,765 common shares were acquired by the Company through the Prior NCIB at an average price of $0.63 per share.
Purchases under the renewed NCIB may commence through the TSX-V on November 27, 2018 and will conclude on the earlier of (i) November 26, 2019, (ii) the date on which the Company has purchased the maximum number of common shares to be acquired pursuant to the renewed NCIB, or (iii) the Company providing a notice of termination to the TSX-V. Paradigm Capital Inc. will act as the broker firm responsible for making purchases of common shares under the renewed NCIB on behalf of the Company, having regard to the rules of the TSX-V.
The Board of Directors of the Company believes that the market price of the common shares may not reflect their underlying value and that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds. All common shares purchased by the Company will be cancelled. The price paid for any repurchased units will be the market price of the common shares at the time of acquisition.