MONTREAL, Feb. 21, 2017 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) ("5N Plus" or the "Company"), the leading producer of specialty metal and chemical products, today announced that the Toronto Stock Exchange ("TSX") has approved an amendment to its normal course issuer bid ("NCIB") implemented on October 11, 2016 (see Company's news release of October 5, 2016). Under the NCIB, 5N Plus now has the right to purchase for cancellation, from October 11, 2016 to October 10, 2017, a maximum of 2,100,000 (previously 600,000) common shares, representing 4.73% of the 44,416,731 shares forming 5N Plus' public float as at October 3, 2016. As of October 3, 2016, 5N Plus had 83,979,657 common shares issued and outstanding. During the NCIB period, subject to TSX and other regulatory authorities' approval, the Company may consider purchasing for cancellation more than 2,100,000 common shares up to a maximum of 4,441,673 common shares, representing 10% of the Company's public float. From the start of the implementation of the NCIB on October 11, 2016 until today, the Company has purchased for cancellation a total of 445,168 common shares.
In connection with its NCIB, 5N Plus has entered into an automatic share purchase plan with National Bank Financial Inc. in order to allow for purchases under the NCIB during 5N Plus' "black-out" periods, as permitted by the TSX Company Manual and the Securities Act (Québec).
About 5N Plus Inc.
5N Plus is the leading producer of specialty metal and chemical products. Fully integrated with closed-loop recycling facilities, the Company is headquartered in Montreal, Québec, Canada and operates manufacturing facilities and sales offices in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to produce products which are used in a number of advanced pharmaceutical, electronic and industrial applications. Typical products include purified metals such as bismuth, gallium, germanium, indium, selenium and tellurium, inorganic chemicals based on such metals and compound semiconductor wafers. Many of these are critical precursors and key enablers in markets such as solar, light-emitting diodes and eco-friendly materials.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to 5N Plus at this time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting 5N Plus' business and activities appears under the heading "Risk and Uncertainties" of 5N Plus' 2016 MD&A dated February 21, 2017 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward-looking information contained in this press release is made as of the date hereof and 5N Plus undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
SOURCE 5N Plus Inc.
For further information: Jean Mayer, Vice President, Legal Affairs, also in charge of Investor Relations, 5N Plus Inc., (514) 856-0644 x6178, firstname.lastname@example.org