Vigil Health Solutions Announces Normal Course Issuer Bid

VICTORIA, British Columbia, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Vigil Health Solutions Inc. (“Vigil” or the “Company”) (TSX-VEN: VGL) announced today that the TSX Venture Exchange (the “Exchange”) has accepted a notice of intention to make a normal course issuer bid (the “Bid”). Pursuant to the notice accepted by the Exchange, the Company may, during the period commencing September 30, 2020 and ending September 29, 2021, purchase for cancellation, through the facilities of the Exchange and alternative Canadian trading systems, at the market price of the Company’s common shares (“Common Shares”) at the time of purchase, up to 900,000 Common Shares representing 4.95% of the Company’s issued and outstanding Common Shares. In accordance with the policies of the Exchange, a purchase of Common Shares under the Bid may not, when aggregated with the total of all other purchases in the preceding 30 days, whether through the facilities of the Exchange or otherwise, exceed 2% of the Common Shares outstanding at that time.

The Company is undertaking the Bid because, in the opinion of its board of directors, the market price of the Common Shares, from time to time, may not fully reflect the underlying value of its operations and future growth prospects, and in such circumstances the purchase of Common Shares may represent an appropriate and desirable use of the Company’s funds.

During the period from August 23, 2019 to August 22, 2020, under the Company’s normal course issuer bid which terminated on August 22, 2020, the Company purchased for cancellation 36,000 Common Shares at an average price of $0.325 per share for a total cost of $11,700.03.

The Company has retained Canaccord Genuity Wealth Management for the purposes of conducting the Bid.

In connection with the Bid, Vigil has entered into an automatic share purchase plan with its designated broker (“ASPP”). The ASPP is intended to allow for the purchase of Common Shares under the Bid at times when the Company would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions and customary self‑imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, the Company may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP. Purchases under the ASPP will be made by the designated broker based upon the parameters prescribed by the Company in accordance with the policies of the Exchange, the ASPP and applicable Canadian securities laws. The ASPP will be in effect for the term of the Bid.