The NCIB allows Birchcliff to purchase up to 13,328,267 common shares (representing 5% of its 266,565,357 common shares outstanding as at November 14, 2023) over a period of twelve months commencing on November 27, 2023 and terminating no later than November 26, 2024. Under the NCIB, common shares may be purchased in open market transactions on the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Subject to exceptions for block purchases, the total number of common shares that Birchcliff is permitted to purchase on the TSX during a trading day is subject to a daily purchase limit of 275,590 common shares, which represents 25% of the average daily trading volume on the TSX of 1,102,362 common shares for the six-month period ended October 31, 2023. All common shares purchased under the NCIB will be cancelled.
Under Birchcliff’s existing normal course issuer bid (the “Existing NCIB”), it obtained the approval of the TSX to purchase up to 13,295,786 common shares over the period from November 25, 2022 to November 24, 2023. As at November 17, 2023, the Corporation has purchased 1,727,868 common shares under the Existing NCIB at a weighted average price per share of $8.24 through the facilities of the TSX and alternative Canadian trading systems.