Buying back 1.8 Million shares at this timeNCI is buying back of 1.8 Million shares right now to be cancelled.
Float will be reduced for certain.
This is a good entry point! Toronto, ON / TheNewswire / December 24, 2015 / NTG Clarity Networks Inc. (TSX.V:NCI) announced that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid which shall commence on December 31, 2015 and terminate on the earlier of December 30, 2016 or such date as all shares which are subject to the Normal Course Issuer Bid are purchased.
In the opinion of the board of directors of NTG, the market price of the common shares of NTG does not accurately reflect the value of those shares. As a result, NTG's common shares may continue to become available for purchase at prices which make them an appropriate use of funds of the Company.
NTG intends to attempt to acquire up to an aggregate of 1,800,000 of its common shares over the next 12 month period representing approximately 5% of the issued and outstanding common shares. There were 36,065,891 common shares of NTG issued and outstanding as of December 10, 2015.
Purchases subject to this Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the TSX Venture Exchange by Global Maxfin Capital Inc. on behalf of NTG. Once purchased the common shares will be returned to treasury for cancellation.