Toronto, Ontario--(Newsfile Corp. - September 16, 2021) - Greencastle Resources Ltd. (TSXV: VGN) ("Greencastle" or the "Company") announces the reinstatement of the Company's Normal Course Issuer Bid.
Subject to regulatory approval, the Company will conduct a normal course issuer bid (the "Bid"). The Bid will be for up to 3,875,917 common shares of the Company over a period of one year (the "Bid Period"), being approximately 10% of Company's issued and outstanding common shares and being 10% of the Public Float (as that term is defined in the policies of the TSX Venture Exchange ("TSXV") of the Company's issued and outstanding common shares, with up to 775,183 common shares of the Company purchasable over any 30-day period within the Bid Period, being 2% of Company's issued and outstanding common shares. The Bid Period will commence on September 20, 2021, and will continue until the earlier of September 19, 2022, or the date by which the Company has acquired the maximum number of common shares which may be purchased under the Bid.
Management believes that the market price of the Company's common shares may not fully reflect the value of its business and prospects, and as such it believes that purchasing its own common shares for cancellation is an appropriate strategy for increasing long-term shareholder value. The purchases will be made through the facilities of the TSXV, and the price at which the Company will purchase its common shares will be the market price of the shares at the time of acquisition. The Company has appointed Canaccord Genuity Wealth Management as its broker to conduct normal course issuer bid transactions. For additional information, please visit www.greencastle.ltd