REGINA, March 6, 2020 /CNW/ - Input Capital Corp. ("Input" or the "Company") (TSX Venture: INP) (US:INPCF - News) announces it has formally commenced a substantial issuer bid (the "Offer") pursuant to which the Company is offering to purchase for cancellation up to $7,500,000 of its common shares ("Shares") from shareholders for cash.
The Offer is made by way of modified Dutch auction and the Offer prices range from $0.60 to $0.70 per Share (in increments of $0.02 per Share). At the minimum purchase price, the Offer represents up to 12,500,000 Shares or approximately 20.29% of the Company's total issued and outstanding Shares. At the maximum purchase price, the Offer represents up to 10,714,286 Shares or approximately 17.39% of the Company's total issued and outstanding Shares.
The Dutch auction procedure allows shareholders to select a price, within the specified range, at which each shareholder is willing to sell all or a portion of the Shares that such shareholder owns. Upon expiration of the Offer, the Company will select the lowest tendered price that will allow it to buy up to $7,500,000 of its Shares (the "Purchase Price"). Shares properly tendered at or below the Purchase Price and not withdrawn will be bought at the Purchase Price (subject to withholding taxes, if any), subject to pro-ration to the extent the aggregate cost to purchase all Shares exceeds $7,500,000. All Shares tendered at prices higher than the Purchase Price will be returned to Shareholders.