Kontrol To Buy Back Shares (NCIB) You dont buyback shares unless you have the cash. Hmmm.... So do you still think they arent selling any Bioclouds! LOL
Gonna love seeing the usual naysayers go bye bye. See ya johnfriesencanyousayiiipointer.
TORONTO, March 24, 2021 /PRNewswire/ - Kontrol Technologies Corp.
(CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) ("Kontrol Technologies" or "Kontrol" or "Company") is pleased to announce today that it intends to implement a normal course issuer bid ("NCIB") through the facilities of the Canadian Securities Exchange (CSE) or alternative trading systems.
Pursuant to the NCIB, Kontrol may purchase, from time to time, over a period of 12 months starting March 25, 2021 and ending March 25, 2022, up to 2,061,236 common shares (approx. 5% of its common shares issued and outstanding as of March 24, 2021). As of March 24, 2021, there were 41,224,731 common shares of Kontrol issued and outstanding. On any given day, during the NCIB, Kontrol may only purchase up to 69,500 common shares, which is equivalent to 25% of the Average Daily Trading Volume of 278,000 calculated based on the trading volumes on the CSE over the past 12 months and may purchase once per calendar week, in a block trade, a greater number of Common Shares.
Purchases under the NCIB may commence as of March 25, 2021 and will end on the earlier of: (i) March 25, 2022; or (ii) the date on which the Company has purchased the maximum number of common shares to be acquired under the NCIB. All purchases made by the Company will be through PI Financial Corporation acting on behalf of the Company. The purchases will be made in accordance with the rules of the CSE, through the facilities of the CSE or through alternative trading systems. The actual number of common shares which will be purchased, and the timing of such purchases, will be determined by the Company, and the price which the Company will pay for the common shares will be the market price at the time of the purchase. The common shares purchased under the NCIB will be cancelled.
The Company's Board of Directors believes that the market price of the Company's common shares may from time to time not reflect the underlying value of the Company, specifically its growth opportunities, and that the proposed purchasing of its common shares is in the best interests of the Company and represents an appropriate use of corporate funds. It is expected that any purchases made by the Company could also enhance value and liquidity for its shareholders.
Of note, this NCIB is further to a previous NCIB that the Company had implemented while trading under the CSE. Under the previous NCIB, which started on July 8, 2019 and ended on July 8, 2020, 1,464,156 common shares were approved for purchase, of which 30,500 common shares were purchased. The weighted average price paid per common share purchased was $0.58 CDN.