Urbana Corporation – Renewal of Normal Course Issuer Bid
01 Septembre 2021 - 10:05PM
Urbana Corporation (“Urbana”) (TSX & CSE: URB & URB.A)
announced today that the Toronto Stock Exchange (“TSX”) has
accepted its notice of intention to conduct a normal course issuer
bid to enable it to purchase up to 3,373,358 of its non-voting
Class A shares (the “Class A Shares”), representing 10% of the
public float, pursuant to TSX rules (the “Notice”).
Purchases under the bid may commence on
September 7, 2021, and will terminate on the earlier of September
6, 2022, the date Urbana completes its purchases pursuant to the
notice of intention to make a normal course issuer bid filed with
the TSX, and the date of notice by Urbana of termination of the
bid. Purchases will be made on the open market by Urbana through
the facilities of the TSX or the Canadian Securities Exchange
(“CSE”) in accordance with the rules and policies of the TSX.
Caldwell Securities Ltd. will make all purchases pursuant to the
bid on behalf of Urbana. The price that Urbana will pay for any
such shares will be the market price of such shares on the TSX or
the CSE at the time of acquisition. Class A Shares purchased under
the bid will be cancelled. Urbana will not purchase on any given
day, in the aggregate, more than 4,179 Class A Shares (the “Daily
Limit”), being 25% of the average daily volume for the most
recently completed six months prior to the submission of the
Notice, which is 16,716 shares (the “ADTV”), calculated in
accordance with the TSX rules. Notwithstanding the above-mentioned
Daily Limit, Urbana may make one block purchase per calendar week
that exceeds the Daily Limit in accordance with TSX rules. A block
purchase under TSX rules means a purchase that (a) has a total
purchase price of at least $200,000, (b) is at least 5,000 shares
and has a total purchase price of at least $50,000, or (c) is at
least 20 board lots and at least 150% of the ADTV.
Under a previous notice of intention to conduct
a normal course issuer bid, Urbana sought and received approval
from the TSX to purchase up to 3,754,840 Class A Shares for the
period of September 4, 2020 to September 3, 2021. As of August 31,
2021, Urbana has purchased 3,738,227 Class A Shares on the open
market at an average purchase price of $2.6008 per share under that
bid. As of August 31, 2021, the issued and outstanding number of
Class A shares is 34,100,000 shares and the public float of the
Class A shares is 33,733,580 shares.
Urbana believes that the market price of its
Class A Shares at certain times may be attractive and that the
purchase of Class A Shares from time to time would be an
appropriate use of corporate funds in light of potential benefits
to the remaining shareholders.
For further information
contact: Elizabeth Naumovski
Investor Relations (416) 595-9106 enaumovski@urbanacorp.com
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking” statements that involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Urbana to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Unless required by
applicable securities law, Urbana does not assume any obligation to
update these forward-looking statements.
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