2021-12-08 16:37 PT - News Release
Mr. Kal Malhi reports
COLOURED TIES ANNOUNCES NORMAL COURSE ISSUER BID
Coloured Ties Capital Inc. intends to proceed with a normal course issuer bid (NCIB) for up to 1,163,782 common shares of the company, representing approximately 5 per cent of the issued and outstanding shares of the company.
All shares purchased under the NCIB are being purchased on the open market through the facilities of the TSX Venture Exchange as well as through other designated exchanges and alternative trading systems in Canada in accordance with applicable regulatory requirements. All shares purchased will be at the prevailing market price at the time of purchase and will be subsequently cancelled. The NCIB will be conducted through Canaccord Genuity, a member of the exchange, and made in accordance with the policies of the exchange.
The company has received approval from the exchange to commence its NCIB on Dec. 15, 2021. The bid will end on Dec. 14, 2022, or earlier if the number of shares sought in the NCIB has been obtained. The company reserves the right to terminate the bid earlier if it determines such action to be appropriate. Although Coloured Ties intends to purchase shares under its NCIB, there can be no assurance that any such purchases will be completed.
The company believes that the purchase of the shares will increase the proportionate interest of, and be advantageous to, all remaining securityholders. The normal course purchases will also afford an increased degree of liquidity in the market. The company believes that the purchase of the shares would be the best use of its available cash.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.