MiningMasterAu wrote: Route1 arranges NCIB for 1.81 million shares
2019-09-24 11:20 MT - News Release
Mr. Peter Chodos reports
ROUTE1 ANNOUNCES NORMAL COURSE ISSUER BID
Route1 Inc. has provided the TSX Venture Exchange its notice of intention to move forward with a further normal course issuer bid, subject to approval by the exchange.
The Notice provides that Route1 may, during the 12-month period commencing September 27, 2019 and ending September 26, 2020, purchase on the Exchange up to 1,816,855 common shares in total, being approximately 5% of the outstanding common shares as at September 23, 2019. The price which Route1 will pay for any such shares will be the market price at the time of acquisitions, provided, however, that Route1 will not pay more than $0.60 per common share. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management of Route1. All common shares purchased pursuant to the NCIB will be purchased for cancellation, and all such purchases will be made on the open market through the facilities of the Exchange. The NCIB will be conducted through Paradigm Capital Inc., a member of the Exchange.
From September 27, 2018 to September 23, 2019, the Company had purchased a total of 1,558,700 common shares under the current normal course issuer bid at an average price of $0.4302 per share.
Route1 believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Route1 and its future business prospects. As a result, depending upon future price movements and other factors, Route1 believes that its outstanding common shares may represent an attractive investment to Route1. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Route1.
About Route1 Inc.
Route1, operating under the trade names GroupMobile and PCS Mobile, is an advanced North American provider of industrial-grade data intelligence, user authentication, and ultra-secure mobile workforce solutions. The Company helps all manner of organizations, from government and military to the private sector, to make intelligent use of devices and data for immediate process improvements while maintaining the highest level of cyber security.
We seek Safe Harbor.
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