Vancouver, British Columbia--(Newsfile Corp. - April 3, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to announce that the TSX Venture Exchange ("TSXV") has accepted the Company's notice to implement a normal course issuer bid (the "NCIB"). The NCIB will commence on April 8, 2024 and terminate on the earliest to occur of (i) April 7, 2025, (ii) the date on which the maximum number of Shares that can be acquired pursuant to the NCIB have been purchased, or (iii) such earlier date on which the Company provides notice of termination of the NCIB.
Under the NCIB, Kenorland may purchase up to 3,218,420 common shares of the Company (the "Shares"), which represents approximately 5% of the Shares outstanding as at February 14, 2024. Over any 30-day period, Kenorland will not purchase more than 1,287,368 Shares in total, which represents 2% of the Shares issued and outstanding as of March 15, 2024.
All purchases of the Shares are to be made through the facilities of the TSXV or alternative Canadian trading systems, in accordance with its rules and regulations. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition and all Shares will be purchased for cancellation. Payment for the Shares will be made from the Company's existing working capital. The Company has engaged Haywood Securities Inc. to act as its broker for the NCIB.
The actual number of Shares that may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by the management of the Company.
The Board of Directors believes the underlying value of the Company may not be reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes that the Shares may represent an attractive investment to the Company and their purchase is an appropriate use of the Company's financial resources and in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company if the repurchased Shares are cancelled.
To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB. However, sales by such persons through the facilities of the TSXV or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased.
The Company has not previously purchased for cancellation any of its outstanding Shares.