Victory Square Technologies to Implement Normal Course Issuer Bid Share Buy-Back Program in 2021
Victory Square Technologies Inc. intends to implement a normal course issuer bid program, with the aim of purchasing for cancellation up to 5% of its issued and outstanding common shares between January 25, 2021 and December 31, 2021
VANCOUVER, British Columbia, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF)
(FWB:6F6), a company that gives investors access to a diverse portfolio of companies in key sectors including: digital health, gaming, blockchain, AR/VR, cybersecurity, cloud computing and
plant-based sciences, intends to implement a normal course issuer bid program (the “Share Buy-Back Program”).
The Company is proposing the Share Buy-Back Program because it believes the market price of its common shares, from time to time, may not reflect their underlying value. Expending some of the Company’s available capital to purchase shares for cancellation that can be reissued at a higher share price in future financings is expected to provide a net benefit to the Company and its shareholders.
Under the Share Buy-Back Program, the Company intends to purchase for cancellation up to 3,824,591 common shares, which represents approximately 5.0% of its 76,491,818 currently issued and outstanding common shares. Pursuant to applicable securities laws and the rules of the Canadian Securities Exchange (the “Exchange”), the aggregate number of common shares acquired in reliance on the Share Buy-Back Program within any 12-month period cannot exceed 5.0% of the common shares outstanding at the beginning of the 12-month period and the Company may not purchase more than 2.0% of its then issued and outstanding common shares in any consecutive 30-day period. Purchases pursuant to the Share Buy-Back Program may commence on January 25, 2021, and will terminate on December 31, 2021, or on such earlier date as the Company may complete its purchases or otherwise terminate the bid.
The Company intends to retain Haywood Securities Inc. as its Exchange member and broker (the “Broker”) to assist with the Share Buy-Back Program. Shares will be purchased over the facilities of the Exchange, or through alternative trading systems to the extent approved by the Exchange, at the market price on the date the common shares are acquired by the Company. The proposed Share Buy-Back Program will be an automatic securities purchase plan, such that the specific timing of any share purchase under the program will be determined by the Broker in accordance with applicable laws and standing instructions from management with respect to maximum price and total funds available for purchases. There can be no assurance as to the precise number of common shares that will be repurchased under the Share Buy-Back Program or the price at which they will be purchased, and the Company may discontinue its purchase at any time, subject to compliance with applicable regulatory requirements.