By: The Working Forest Staff
VANCOUVER, British Columbia, GLOBE NEWSWIRE — Conifex Timber Inc. has announced that the Toronto Stock Exchange has accepted Conifex’s notice of intention to make a normal course issuer bid for its common shares through the facilities of the TSX or any other Canadian public marketplace or alternative trading system.
On December 1, 2020, Conifex may commence making purchases, from time to time, up to a maximum of 2,944,320 of its 47,031,798 outstanding Common Shares as at the date hereof, representing 10% of the “public float” of the Common Shares within the meaning of the policies of the TSX. The NCIB will terminate on November 30, 2021, or earlier if Conifex has completed its purchases of the securities subject to the NCIB. Purchases may be suspended by Conifex at any time and Conifex reserves the right to terminate the NCIB earlier if it determines it is appropriate to do so. Pursuant to the terms of the NCIB, Conifex shall not repurchase more than (i) $5 million of its Common Shares between the period of November 30, 2020, and September 30, 2021; and (ii) $5 million of its Common Shares between the period of October 1, 2021, and the expiry of the bid.
Any securities acquired will be purchased at the market price up to a daily maximum of 12,500 Common Shares, being 25% of the average daily trading volume for the last six completed calendar months of 50,000 Common Shares, subject to the block purchase exemption, and will be canceled following purchase.
Conifex is entering into the NCIB for its Common Shares because it believes that from time to time, the market price of the Common Shares may not reflect the value of Conifex’s business and its future prospects and that the NCIB represents an attractive allocation of capital.