Up date on news 2022-09-27 08:01 ET - News Release
Toronto, Ontario--(Newsfile Corp. - September 27, 2022) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted a notice filed by Datametrex AI Limited of its intention to increase the number of common shares ("Shares") to be purchased for cancellation under the Company's Normal Course Issuer Bid (the "Bid") previously announced on June 2, 2022.
The notice provides that the Company may, during the 12-month period ending June 7, 2023, purchase up to an aggregate 34,789,603 Shares in total, being approximately ten percent (10%) of the total number of Shares outstanding as of June 2, 2022. To date, a total of 17,807,500 Shares have been purchased for cancellation under the NCIB. 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 PI Financial Corp., Vancouver B.C., on behalf 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 underlying value of the Company may not be reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes 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 equity interest in the Company if the repurchased Shares are cancelled.
Datametrex believes the Bid is a flexible tool and part of Datametrex' overall capital allocation program and objectives, while generating value for shareholders. Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Datametrex may elect to suspend or discontinue the Bid at any time, in accordance with applicable laws and policies of the Exchange.
"The Company believes the increased purchase of shares will greatly impact return to our shareholders and further increase shareholder value. Management greatly values our shareholders continued support as we expand our operations and business in AI, EV, and Telehealth. We are excited to share more developments very soon and look forward to the future growth of Datametrex!" said Marshall Gunter, CEO of the Company.