TORONTO, April 15, 2019 (GLOBE NEWSWIRE) -- Norvista Capital Corporation (“Norvista” or the “Company”) (TSX-V: NVV) announces it has received approval to undertake, at the Company’s discretion, a normal course issuer bid program to purchase up to 3,522,725 of its common shares (the “NCIB”).
The Company is commencing the NCIB because it believes that from time to time the market price of its common shares may not fully reflect the underlying value of the Company’s business, and that the repurchase of its common shares at those times would be in the best interests of its shareholders.
As of the date hereof, the Company has 70,454,501 common shares issued and outstanding. The maximum number of common shares that may be purchased by the Company under the NCIB represents approximately 5% of the Company’s issued and outstanding shares. The Company received acceptance from the TSX Venture Exchange (the “TSXV”) to commence the NCIB on February 21, 2019.
The NCIB will terminate on February 20, 2020, or on an earlier date in the event that the maximum number of common shares sought in the NCIB have been repurchased. The Company reserves the right to terminate the NCIB at any time. All common shares purchased pursuant to the NCIB will be returned to treasury and cancelled.
Purchases pursuant to the NCIB are expected to be made through the facilities of the TSXV, or such other permitted means (including through alternative trading systems in Canada), at prevailing market prices or as otherwise permitted by the policies of the TSXV.
The Company has engaged Canaccord Genuity Corp. to act as the broker through which the NCIB will be conducted.
Waiver for Past Issuer Bid Purchases
For a period commencing on February 22, 2019, and ending February 28, 2019, Canaccord Genuity Corp., the broker for a proposed normal course issuer bid for which the Company had received TSXV conditional approval, purchased 65,000 common shares of the Company at an average price of $0.11 per common share (the “Purchase”). At the time of the Purchase, the TSXV had granted the Company conditional approval for a normal course issuer bid to purchase up to 3,522,725 common shares, to commence on or around January 18, 2019 and terminate 12 months from the date of commencement (the “January NCIB”), subject to the issuance of a press release by the Company announcing the terms of the January NCIB in accordance with National Instrument 62-104 (“NI 62-104”) and the policies of the TSXV. The press release announcing the January NCIB was not disseminated by the Company prior to the Purchase and TSXV final approval for the commencement of the January NCIB was not received by the Company.
Subsequent to the Purchase, the Company sought a waiver from the TSXV from the disclosure requirements of TSXV Policy 5.6 – Normal Course Issuer Bids, requiring issuers to disseminate a press release prior to any purchases made pursuant to a normal course issuer bid. The TSXV has conditionally approved the NCIB to commence from the day prior to the date of the initial purchase of common shares made pursuant to the Purchase, February 21, 2019, and to terminate on February 20, 2020, or on an earlier date in the event that the maximum number of common shares sought in the NCIB have been repurchased. The common shares acquired pursuant to the Purchase will be returned to treasury and cancelled.
Norvista is a resource based merchant bank with an investment portfolio of three core investments located in Canada, the United States and Mexico. Norvista’s investee companies have projects located in excellent mining jurisdictions and are involved in both base and precious metals exploration and development. Norvista holds significant equity ownership positions in its investee companies and is actively involved in the management of these companies through a combination of senior officer positions and/or Board representation. The investee company projects represent a balance between later stage exploration and pre-production projects and are self financing. Norvista maintains and increases its ownership positions in its core holdings through participation in issuer financings as well as share acquisitions in the open market.
For further information contact:
Norvista Capital Corporation
141 Adelaide Street West, Suite 1660
Toronto, Ontario M5H 3L5
Tel: (416) 504-4171
Don Christie, President and CEO
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy of this release.
CAUTIONARY STATEMENT: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of Norvista to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Norvista cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Norvista nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. Norvista does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.