Automodular Corporation
NEX BOARD : AM.H
TSX VENTURE : AM.H

Automodular Corporation

November 11, 2015 13:40 ET

Automodular Announces Intention to Resume Its Normal Course Issuer Bid

PICKERING, ONTARIO--(Marketwired - Nov. 11, 2015) - Automodular Corporation (NEX:AM.H) ("Automodular" or the "Corporation") announces that the NEX board of the TSX Venture Exchange has approved the resumption of the Corporation's previously announced normal course issuer bid. The normal course issuer bid commenced on April 13, 2015 while the Corporation was listed on the Toronto Stock Exchange (the "TSX"). Under the terms of the normal course issuer bid, Automodular may acquire up to 1,389,738 of its common shares, representing 10% of the 13,897,383 common shares comprising Automodular's public float of common shares issued and outstanding as of March 31, 2015. Automodular continues to believe that repurchasing its outstanding common shares is a desirable use of a portion of its corporate funds. Automodular's strong cash position allows for the implementation of the bid without adversely affecting other growth opportunities.

While the Corporation was listed on the TSX, it purchased 110,600 common shares under the normal course issuer bid at an average price of $2.39 per share. The Corporation subsequently purchased 5,660,377 common shares at a price of $2.65 per share through a substantial issuer bid which expired on September 17, 2015. The normal course issuer bid will resume on November 12, 2015 and will terminate on April 12, 2016, or on such earlier date as Automodular may complete its allowable purchases under the normal course issuer bid. All shares purchased by the Corporation will be purchased on the open market through the facilities of NEX in accordance with the rules, regulations and policies of NEX and will be cancelled. The prices that Automodular will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition, determined in accordance with the rules of NEX. Purchases under the normal course issuer bid will be made on behalf of the Corporation by Scotia Capital Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Automodular Corporation
    Christopher S. Nutt
    President and Chief Executive Officer
    905 420 0200
    invest@automodular.com