Advantage Announces Approval of Normal Course Issuer Bid and Automatic Share Purchase Plan
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Pursuant to the Bid, Advantage will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 18,704,019 common shares of the Corporation. The Bid will commence on April 13, 2022 and will terminate on
The maximum number of common shares to be purchased pursuant to the Bid represents 10% of the public float, as of
Advantage believes that the common shares have been trading in a price range which does not adequately reflect their value in relation to the Corporation's current operations and its growth prospects, and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all shareholders.
As of the close of business on
Further, the Corporation has entered into an automatic share purchase plan with Cormark in order to facilitate repurchases of its common shares under the Bid at times when the Corporation would ordinarily not be permitted to purchase its securities due to self-imposed blackout periods. Under the automatic share purchase plan, Cormark may repurchase common shares based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. Outside of these blackout periods, common shares may be purchased under the Bid in accordance with management's discretion. The automatic share purchase plan has been approved by the TSX.
Notwithstanding that the Corporation is able to proceed with the Bid at this time (due to the continued strength in commodity prices and market conditions), the Corporation is asking shareholders to consider and approve a reduction to the stated capital of the common shares at its upcoming meeting of shareholders. If such approval of shareholders is obtained, it will provide the Corporation with the flexibility to purchase additional common shares in the future pursuant to additional normal course issuer bids, a substantial issuer bid or other similar transactions, or if market conditions change substantially.
This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction.
Certain information regarding Advantage set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "intend", "believe", "should", "anticipate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Many factors could cause Advantage's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Advantage. In particular, forward-looking statements contained in this document include, but are not limited to: statements with respect to the anticipated advantages to shareholders of the Bid; and the potential for further purchases of common shares by the Corporation in the future. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to the risk that the anticipated benefits of the Bid may not be achieved. Further, the future acquisition by the