Good news, this should put a floor on the price fron now on while the fundamentals are still improving !
TORONTO, Aug. 29, 2023 /CNW/ - NamSys Inc. (TSX-V: CTZ) announced today that the TSX Venture Exchange (the "Exchange") has accepted a notice filed by NamSys Inc. (the "Company") of its intention to make a Normal Course Issuer Bid (the "Bid") to be transacted through the facilities of the Exchange.
The notice provides that the Company may, during the 12-month period commencing August 30, 2023 and ending August 30, 2024, purchase up to 1,364,316 Common Shares ("Shares"), being 5% of the total number of Shares outstanding as at August 24, 2023 and approximately 14.13% of the Company's Public Float (as that term is defined in the policies of the Exchange). The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of the Company. Purchases under the Bid will be made from time to time by Canaccord Genuity Corp. on behalf of the Company. The timing of purchases will be determined by management of the Company.
All Share purchases will be made on the open market through the facilities of the Exchange and will be purchased for cancellation. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
The Board of Directors believes the current market value of its Shares does not reflect their underlying value. As a result, depending upon future price movements and other factors, the Board believes that the Shares may represent an attractive investment to the Company and that the purchase of the Shares would be an appropriate use of corporate funds and in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their proportionate share interest in the Company when the repurchased Shares are cancelled.
A copy of the Company's notice filed with the Exchange may be obtained, by any shareholder without charge, by contacting the Company's Chief Operating Officer.