TORONTO, ON / ACCESSWIRE / September 28, 2020 / Route1 Inc . (OTCQB:ROIUF)(TSXV:ROI.VN) (the "Company" or "Route1"), an advanced North American provider of data-centric business empowerment solutions, today announced that it has provided the TSX Venture Exchange (the "Exchange") its Notice of Intention to move forward with a further normal course issuer bid ("NCIB"), subject to approval by the Exchange.
The notice provides that Route1 may, during the 12-month period commencing September 27, 2020 and ending September 26, 2021, purchase on the Exchange up to 1,755,980 common shares in total, being approximately 5% of the outstanding common shares. 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 $0.75 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 Canaccord Genuity Corp., a member of the Exchange.
From September 27, 2019 to September 25, 2020, the Company had purchased a total of 1,167,500 common shares under the current normal course issuer bid at an average price of $0.53 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.