EnWave Announces Normal Course Issuer Bid
VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the
"Company”) today announced that the TSX Venture Exchange (“TSXV”) has accepted the Company’s notice of intention to make a normal course issuer bid.
Under the terms of the normal course issuer bid, EnWave may acquire up to 10,918,104 common shares, representing 10% of the public float of EnWave as of October 19, 2020. In the opinion of the Company’s Board of Directors, its common shares have been trading at prices that do not reflect the underlying value of the Company including its royalty portfolio, its strong financial position and the growth opportunities. Accordingly, EnWave believes that purchasing and returning its common shares to treasury represents an opportunity to enhance value for its ongoing shareholders. EnWave’s cash position allows for the implementation of the bid without adversely affecting the Company’s other opportunities.
As of October 19, 2020, the Company had 111,409,755 common shares outstanding. Under TSXV policies, EnWave is entitled to purchase up to 2,228,195 shares in any 30 day period up to the maximum of 10,918,104 shares.
The purchases may commence on October 22, 2020 and will end on October 21, 2021, or on such earlier date as EnWave may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSXV. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the Company. All shares purchased by the Company will be on the open market through the facilities of TSXV by Cormark Securities Inc. acting on behalf of EnWave in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation. The prices that EnWave will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition.
EnWave Corporation, a Vancouver-based advanced technology company, has developed a Radiant Energy Vacuum (“REV”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV technology, shortening the time from harvest to marketable cannabis products.