RE:NCIB Release news
ORIGINAL: CoTec Holdings Corp. Announces Normal Course Issuer Bid
2024-01-23 07:02 ET - News Release
VANCOUVER, BC / ACCESSWIRE / January 23, 2024 / CoTec Holdings Corp. (TSX-V:CTH)(OTCQB:CTHCF) (the "Corporation"), announced today that it has filed with the TSX Venture Exchange (the "TSXV"), and the TSXV has accepted, a notice of intention to commence a normal course issuer bid (the "NCIB") for its common shares (the "Shares"). The Corporation's board of directors believes that purchases of the Shares at below the Corporation's view of their intrinsic value are an attractive investment opportunity, a desirable use of the Corporation's available capital, and in the best interests of the Corporation and its shareholders.
Under the NCIB, the Corporation is entitled to purchase up to 3,011,325 Shares, representing 5% of the Corporation's issued and outstanding Shares. The NCIB will commence on January 29, 2024 and terminate on the earliest to occur of (i) January 28, 2025, (ii) the date on which the maximum number of Shares that can be acquired pursuant to the NCIB have been purchased, or (iii) such earlier date on which the Corporation provides notice of termination of the NCIB. The actual number of Shares that may be purchased under the NCIB and the timing of any such purchases will be determined by the Corporation.
The Corporation has engaged PI Financial Corp. to act as its broker for the NCIB (the "Broker"). The NCIB will be made through the facilities of the TSXV and the purchase and payment for the Shares will be made from the Corporation's existing working capital at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All Shares purchased by the Corporation under the NCIB will be cancelled.
To the Corporation's knowledge, none of the directors, senior officers or insiders of the Corporation, or any associate of such person, or any associate or affiliate of the Corporation, has any present intention to sell any securities to the Corporation during the course of the NCIB.
A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Corporation with the TSXV in respect of the NCIB can be obtained from the Corporation upon request without charge.