= upward trend in share price. 


The last 50 days average trading volume is 18,887 shares/day 

The Ncib is to purchase and cancel 1,428,571 shares over a 12 month period. If one divides this total by the 251 trading days in a year we get an increase in share demand of ~ 5,692 shares or approximately 30% of the average volume over the last 50 days. However, the Tsx has a rule that prevents the company from purchasing more than 25% of the average daily volume over the last 6 months. Unless the supply of sellers falls off a cliff, I expect this Ncib to have a significant impact on share price given the low liquidity. 

Daily Limit for NCIB Purchases

The TSX Company Manual also sets out a daily limit for purchases under an NCIB, that is, 25% of the listed issuer’s “average daily trading volume” (“ADTV”), in effect, the average daily number of shares of the issuer traded on TSX during the six months prior to acceptance by TSX of the NCIB. For example, if a listed issuer’s ADTV is 100,000 shares, the TSX daily limit for purchases under an NCIB will be 25,000 shares.