December 15, 2016 07:55 ET
VEGREVILLE, ALBERTA--(Marketwired - Dec. 15, 2016) - TerraVest Capital Inc. ("TerraVest" or the "Corporation") (TSX:TVK) announced today that it has received the approval of the Toronto Stock Exchange (the "TSX") to renew its normal course issuer bid (the "Bid") for up to 915,911 of its issued and outstanding common shares (the "Shares") on the TSX.
Purchases under the Bid may commence on December 19, 2016 and will terminate on December 18, 2017, or on such earlier date as the Bid is complete. Purchases of Shares will be made through the facilities of the TSX in accordance with its rules, and alternative Canadian trading platforms. The average daily trading volume of the Shares for the previous six calendar months ("ADTV") was 5193 Shares. Subject to the TSX's block purchase exception, on any trading day, purchases under the Bid will not exceed 25% of the ADTV, being 1298 Shares. The price that the Corporation will pay for any Shares purchased under the Bid will be the prevailing market price at the time of purchase. Any Shares purchased by the Corporation will be cancelled.
As of December 12, 2016, there were 18,318,220 Shares issued and outstanding. The 915,911 Shares that may be repurchased under the Bid represent approximately 5.0% of the issued and outstanding Shares on December 12, 2016.
Pursuant to the Corporation's normal course issuer bid which commenced on December 19, 2015 and expired on December 18, 2016, TerraVest purchased 532,300 Common Shares at a weighted average price of $6.016 per Common Share.
The Board of Directors of the Corporation has authorized the Bid because it believes that it is an efficient use of the Corporation's financial resources to purchase Shares when the market price of the Shares does not fully reflect their underlying value.
TerraVest Capital Inc.Mitchell GilbertChief Investment Officer(416) email@example.com
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