Brand X Lifestyle Corp., (BXXX) intends to execute a normal course issuer bid (NCIB) through the facilities of the Canadian Securities Exchange.
Under the NCIB, the company intends to acquire up to 2,590,000 common shares representing approximately 5 per cent of its issued and outstanding common shares. As of April 30, 2021, the company had 51,957,878 common shares issued and outstanding.
The normal course issuer bid will commence on May 3, 2021 and end no later than May 3, 2022. The company may terminate the NCIB earlier if it feels it is appropriate to do so.
Brand X Lifestyle has appointed Haywood Securities Inc. to conduct the NCIB. The purchase and payment of the shares will be made in accordance with all requirements of the CSE and applicable securities laws.
Shares purchased during the bid will be purchased at the market price All shares purchased will be cancelled.
The company believes that the current market price of its common shares may not fully reflect the underlying value of the company's business and future prospects.
Brand X is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies and projects.
Brand X Lifestyle Corp. is unchanged, trading at C$0.095 per share at 2:30 pm ET.