NanoXplore Receives TSX Approval for Normal Course Issuer Bid

MONTREAL, Nov. 28, 2023 (GLOBE NEWSWIRE) -- NanoXplore Inc. (TSX: GRA) (“NanoXplore” or the “Corporation”) is pleased to announce that the Toronto Stock Exchange (TSX) has approved the Corporation's request to adopt a normal course issuer bid (NCIB) program, through which NanoXplore may purchase, for cancellation, up to 5,936,205 common shares or approximately 5% of the public float (consisting of 118,724,119 common shares as of November 22, 2023, out of the 169,378,431 common shares issued and outstanding). The Corporation may purchase shares under the NCIB over a period of twelve months commencing on December 1, 2023 and ending November 30, 2024, when the bid expires. NCIB purchases are through the facilities of the TSX and certain Canadian Alternative Trading Systems and the price for any repurchased shares will be the prevailing market price at the time of the acquisition.

All common shares purchased by the Corporation will be cancelled. The number of shares repurchased on any given day may not exceed 14,011 common shares, which is equal to 25% of the average daily trading volume on the TSX for the six-month period ending October 31, 2023 except where purchases are made in accordance with the “block purchase exception” of the TSX rules. The average daily volume for this period was calculated in accordance with the rules of the TSX and is equal to 56,045 common shares.

The Corporation’s Board of Directors believes that the purchase by the Corporation of its own common shares may, in appropriate circumstances, be a responsible investment of funds on hand.

The extent to which NanoXplore repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by NanoXplore's management team. The Corporation will use funds from its existing cash balances to purchase the shares.

ABOUT NANOXPLORE

NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in transportation and industrial markets. Also, the Corporation provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. The Corporation is also a silicon‑graphene-enhanced Li-ion battery manufacturer for the Electric Vehicle and grid storage markets. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.