Questor Announces Normal Course Issuer Bid
06 Février 2024 - 1:00PM
(TSXV: QST) Questor Technology Inc. ("QST" or the "Company")
is pleased to announce that the TSX Venture Exchange ("TSXV") has
approved QST to commence a normal course issuer bid ("NCIB"). The
NCIB allows QST to purchase for cancellation up to 1,400,000 of its
common shares ("Shares"), representing approximately 5 per cent of
its issued and outstanding Shares as of January 29, 2024. As of
close of business on January 29, 2024, the Company had 28,037,194
Shares issued and outstanding.
Purchases under the NCIB will be made through
the facilities of the TSXV or alternative trading systems
in Canada at the prevailing market price at the time of
purchase and in accordance with the TSXV rules for NCIBs. The NCIB
will commence on February 9, 2024 and will terminate upon
the earliest of (i) February 7, 2025, (ii) the Company
purchasing the maximum of 1,400,000 Shares, and (iii) the Company
terminating the NCIB. Subject to exceptions for block purchases,
NCIB will be limited to a maximum of 8,500 Shares per trading day,
which represents 25% of the average daily trading volume on the
TSXV of 34,002 for the six months ended December 31, 2023. All
Shares acquired under the NCIB will be cancelled.
QST’s Board of Directors believes that, the
common shares have recently traded in a price range that represents
a substantial discount to the net asset value and does not fully
reflect the underlying value of the Company’s business.
Accordingly, purchasing the Shares for cancellation under the NCIB
may represent an attractive investment opportunity to enhance
shareholder value and per share growth.
The Company has, in connection with the NCIB,
entered into an automatic share purchase plan (the “ASPP”) with ATB
Securities Inc., its designated broker (“ATB”), to enable QST to
purchase Shares on the open market during blackout periods during
which the Company would ordinarily not be permitted to purchase
Shares. Purchases under the ASPP will be determined based on
purchasing parameters set by QST in accordance with the rules of
the TSXV, applicable securities laws and the terms of the ASPP. The
ASPP has been pre-cleared by the TSXV and will become
effective February 9, 2024, concurrently with the commencement
of the NCIB.
Although the Company presently intends to
purchase Shares under its NCIB, there can be no assurances as to
the precise number of Shares that will be purchased under the NCIB,
if any. QST may discontinue purchases under the NCIB at any time,
subject to compliance with applicable regulatory requirements.
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.
ABOUT QUESTOR TECHNOLOGY
INC.
Questor Technology Inc., incorporated in Canada
under the Business Companies Act (Alberta) is an environmental
emissions reduction technology company founded in 1994, with global
operations. The Company is focused on clean air technologies that
safely and cost effectively improve air quality, support energy
efficiency and greenhouse gas emission reductions. The Company
designs, manufactures and services high efficiency clean combustion
systems that destroy harmful pollutants, including Methane,
Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air
Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene)
gases within waste gas streams at 99.99 percent efficiency per its
ISO 14034 Certification. This enables its clients to meet emission
regulations, reduce greenhouse gas emissions, address community
concerns and improve safety at industrial sites.
The Company also has proprietary heat to power
generation technology and is currently targeting new markets
including landfill biogas, syngas, waste engine exhaust, geothermal
and solar, cement plant waste heat in addition to a wide variety of
oil and gas projects. The combination of Questor’s clean combustion
and power generation technologies can help clients achieve net zero
emission targets for minimal cost. The Company is also doing
research and development on data solutions to deliver an integrated
system that amalgamates all of the emission detection data
available to demonstrate a clear picture of the site’s emission
profile.
The Company’s common shares are traded on the
TSX Venture Exchange under the symbol “QST”. The address of the
Company’s corporate and registered office is 2240, 140 – 4 Avenue
S.W. Calgary, Alberta, Canada, T2P 3N3.
QUESTOR TRADES ON THE TSX VENTURE
EXCHANGE UNDER THE SYMBOL ‘QST’
Audrey Mascarenhas |
Ann-Marie Osinski |
President and Chief Executive Officer |
Corporate Secretary and Chief Financial Officer |
Email: amascarenhas@questortech.com |
Email: aosinski@questortech.com |
Neither 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.
This document is not intended for dissemination
or distribution in the United States.
Questor Technology (TSXV:QST)
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