Sacramento, California--(Newsfile Corp. - December 2, 2022) - Vibe Growth Corporation (CSE: VIBE) (OTCQX: VIBEF) (the "Company" or "Vibe"), a vertically integrated California cannabis enterprise, announced today its intention to effect a normal course issuer bid (the "NCIB") through the facilities of the Canadian Securities Exchange (the "CSE").
Pursuant to the NCIB, Vibe may purchase on the Canadian Securities Exchange up to an aggregate of approximately 5,607,150 of Vibe's common shares, representing approximately 5% of Vibe's current issued and outstanding common shares. The price Vibe will pay for any such common shares will be the market price at the time of the acquisitions. The actual number of common shares which may be purchased through the NCIB and the timing of any such purchases will be determined at the discretion of management.
Vibe is pursuing the NCIB because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and that the purchase of common shares would be a prudent use of funds.
Vibe has retained Independent Trading Group Inc. (ITG) to coordinate and facilitate its purchases of common shares under the NCIB. Purchases are expected to commence on or after December 9, 2022, and conclude on December 9, 2023, or an earlier date in the event purchases under the NCIB has been completed or as determined by management.