NCIBTight float could get tighter - unfortunately only 2,057 shares a day . No block exemption.
Calian Announces Normal Course Issuer Bid
OTTAWA, ON / ACCESSWIRE / August 30, 2023 / Calian® Group Ltd. ("Calian" or the "Company") (TSX:CGY)(OTC PINK:CLNFF), is pleased to announce that the Toronto Stock Exchange (the "Exchange" or "TSX") has accepted a notice (the "Notice") filed by the Company of its intention to make a normal course issuer bid (the "NCIB"). In connection with the NCIB, the Company has entered into an automatic share purchase plan (an "ASPP") with its designated broker to allow for purchases of its common shares (the "Shares").
The Notice provides that the Company may, during the 12-month period commencing September 1, 2023 and ending August 31, 2024, or on such earlier date as Calian completes its purchases or provides notice of termination, purchase up to 1,044,012 Shares in total, representing approximately 10% of Calian's public float of Shares as at August 22, 2023. As of the close of business on August 22, 2023, the Company had 11,837,580 Shares issued and outstanding. Except for block purchases permitted under the rules of the TSX, the number of Shares to be purchased per day will not exceed 2,057, which represents 25% of the average daily trading volume of the Shares on the TSX for the most recently completed six calendar months (being 8,230 Shares) prior to the TSX's acceptance of the Notice. The actual number of Shares which may be purchased under the NCIB and the timing of any such purchases will be determined by management of the Company, subject to applicable law and the rules of the TSX.