April 07, 2017 15:50 ET
PICKERING, ONTARIO--(Marketwired - April 7, 2017) - Automodular Corporation (NEX:AM.H) ("Automodular" or the "Corporation") announces that the TSX Venture Exchange ("TSXV"), has accepted the Corporation's notice of intention to undertake a normal course issuer bid. Under the terms of the normal course issuer bid, Automodular may acquire up to 808,905 of its common shares, representing 10% of the 8,089,046 common shares comprising Automodular's public float of common shares issued and outstanding as of April 4, 2017, as defined by the policies of the TSXV. In the opinion of the Board of Directors of Automodular, depending upon future price movements and other factors, Automodular believes that repurchasing its outstanding common shares may be 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.
The normal course issuer bid will begin on April 13, 2017 and will terminate on April 12, 2018, or on such earlier date as Automodular may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSXV. All shares purchased by the Corporation will be purchased on the open market through the facilities of the TSXV in accordance with the rules, regulations and policies of the TSXV 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 the TSXV. The designated broker for the normal course issuer bid is Scotia Capital Inc.
Under its normal course issuer bid which will expire on April 12, 2017, the Corporation purchased 170,900 of its common shares at an average price of $2.53 per share.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Corporation's periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Readers are cautioned not to rely on forward-looking statements. Except as required under continuous disclosure obligations, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the 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.
Automodular CorporationChristopher S. NuttPresident and Chief Executive Officer(905) email@example.com
See all RSS Newsfeeds