Olive is buying back 10.1 million of its shares. Hmmmm 2024-01-15 16:08 ET - News Release
Olive Resource Capital Inc
Symbol
Shares Issued
oC
109,174,709
Close 2024-01-12
Mr. Derek Macpherson reports
C$ 3,275,241
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OLIVE RESOURCE CAPITAL ANNOUNCES
NORMAL COURSE ISSUER BID
Olive Resource Capital Inc. has received approval to undertake, at the company's discretion, a normal course issuer bid program to purchase up to 10,153,620 of its common shares.
The company is commencing the bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the company's business and that the repurchase of its common shares at those times would be in the best interests of its shareholders.
As of the date hereof, the company has 109,174,709 common shares issued and outstanding. The maximum number of common shares that may be purchased by the company under the bid represents approximately 10 per cent of the company's public float (calculated in accordance with the rules of the TSX Venture Exchange). The bid will commence on Jan. 18, 2024, and will terminate on Jan. 17, 2025, or on an earlier date in the event that the maximum number of common shares sought in the bid has been repurchased. The company reserves the right to terminate the bid at any time.
Purchases pursuant to the bid are expected to be made with existing working capital through the facilities of the TSX-V or by such other permitted means including through alternative trading systems in Canada) at prevailing market prices or as otherwise permitted.
Any purchases on the TSX-V under the bid will be subject to all limitations as set forth in the TSX-V rules. All common shares purchased by Olive under the bid will be cancelled.
The company has engaged Canaccord Genuity Corp. to act as the broker through which the bid will be conducted.
The company obtained TSX-V approval for a previous normal course issuer bid to purchase up to 10,466,520 common shares for the period between Dec. 16, 2022, to Dec. 15, 2023. A total of 2,594,000 common shares were purchased pursuant to the company's previous normal course issuer bid at a weighted average price of 2.9 cents per common share.
About Olive Resource Capital Inc.
Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities.
The company's assets consist primarily of investments in natural resource companies in all stages of development.