MISSISSAUGA, Ontario, Dec. 13, 2021 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, “the Company”, TSX Venture: RX) is pleased to announce that the TSX Venture Exchange (“TSX-V”) has accepted the Company’s Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Pursuant to the NCIB, BioSyent may purchase up to 740,000 of its common shares (“Shares”) over a 12-month period, representing approximately 5.88% of the Shares outstanding as of December 13, 2021.
The NCIB will commence on December 17, 2021 and terminate on December 16, 2022, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX-V or alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The number of Shares the Company is permitted to purchase during any 30-day period is limited to 251,597 Shares, representing 2% of the total outstanding Shares.
BioSyent has entered into an automatic share purchase plan with a broker, Raymond James Ltd., in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of BioSyent.
BioSyent believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. As a result, BioSyent believes that the purchase of Shares, from time to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
BioSyent has repurchased and cancelled a total of 1,752,825 Shares under NCIBs between December 10, 2018 and December 10, 2021.