NORMAL COURSE ISSUER BID MONTREAL, Dec. 21, 2021 /CNW Telbec/ - Richelieu Hardware Ltd. (TSX : RCH) ("Richelieu" or the "Corporation") announces having received acceptance by the Toronto Stock Exchange in regards to the renewal of its normal course issuer bid (the "Bid"), which Bid allows for the repurchase, for cancellation purposes, of some of its common shares through the facilities of the Toronto Stock Exchange or Alternative Canadian Trading Systems.
Under the Bid, the Corporation may repurchase for cancellation up to 1,500,000 common shares. This represents approximately 2.7% of its 55,841,119 issued and outstanding common shares as of December 14th, 2021. These purchases will be made in accordance with applicable regulations over a maximum period of twelve (12) months beginning on December 23, 2021 and ending on December 22, 2022. The average daily trading volume of Richelieu's common shares over the six (6) calendar months prior to the date hereof was 84,156. Accordingly, the Corporation is entitled to purchase, on any trading day, up to 21,039 common shares. The consideration that the Corporation will pay for any common shares acquired by it under the Bid will be paid cash at the market price of such common shares at the time of acquisition.