Post by
warrenv on Mar 26, 2014 8:59am
Webtech arranges 8.97 million share buyback
WebTech arranges 8.97-million-share buyback Ticker Symbol: C:WEW WebTech arranges 8.97-million-share buyback WebTech Wireless Inc (C:WEW) Shares Issued 105,476,724 Last Close 3/25/2014 $0.44 Wednesday March 26 2014 - News Release Mr. Trevor Greene reports WEBTECH WIRELESS ANNOUNCES ACCEPTANCE BY TSX OF NORMAL COURSE ISSUER BID The Toronto Stock Exchange has accepted WebTech Wireless Inc.'s notice of intention to make a normal course issuer bid. Pursuant to the NCIB, WebTech Wireless proposes to purchase through the facilities of the Toronto Stock Exchange and other Canadian marketplaces, from time to time over the next 12 months, up to an aggregate of 8,972,400, representing approximately 10 per cent of the company's public float (as defined in the bylaws, rules, regulations and policies of the TSX) and being approximately 8.5 per cent of its 105,579,268 issued and outstanding common shares as of March 21, 2014. Purchases may commence through the Toronto Stock Exchange on March 28, 2014, and will conclude on the earlier of the date on which purchases under the bid have been completed and March 27, 2015. Daily purchases under the NCIB will be limited to a maximum of 17,182 common shares, other than purchases made in compliance with the provisions of the block purchase exemption of the TSX rules. PI Financial Corp. will be appointed as the broker firm responsible for making purchases of common shares under the NCIB on behalf of WebTech Wireless, pursuant to an automatic purchase plan agreement. Under the APP agreement, the timing for the purchase of common shares, the number of common shares purchased and the price payable for the common shares will be determined by PI Financial in its sole discretion, subject to a prescribed maximum price payable, without consultation with WebTech Wireless, having regard to the price limitations and other terms of the APP agreement and the rules of the TSX. The board of directors of WebTech Wireless believes that the proposed purchase of up to 8,972,400 common shares is in the best interests of WebTech Wireless and that such purchases constitute a desirable use of the funds of the company. All common shares purchased by WebTech Wireless will be cancelled