LONGUEUIL, QC, Aug. 9, 2016 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. ("Mediagrif" or the "Corporation") (TSX: MDF), a Canadian leader in information technology, announces that it has obtained approval from the Toronto Stock Exchange (the "TSX") in order to proceed with a Normal Course Issuer Bid.
Therefore, beginning on August 15, 2016, Mediagrif will be authorized to acquire for cancellation, from time to time, during a twelve-month period and when it deems it appropriate, up to a maximum of 250,000 common shares, representing approximately 1.67% of the 14,998,979 issued and outstanding shares as of August 3, 2016. Mediagrif's management considers that the acquisition of common shares in the course of this Issuer Bid may represent a sound use of the Corporation's funds both for the Corporation and for its shareholders. All purchases will be made through the facilities of the TSX.
None of Mediagrif's directors or senior officers, nor any of their associates, nor any person acting jointly or in concert with Mediagrif, or holding 10% or more of the shares of any class of shares of Mediagrif, will receive any direct or indirect benefit as a result of this Normal Course Issuer Bid other than the benefits conferred upon all the shareholders of Mediagrif.
Purchases on the Normal Course Issuer Bid may commence on August 15, 2016 until, at the latest, August 14, 2017. The average daily trading volume ("ADTV") of Mediagrif's common shares on the TSX was 6,643 for the six-month period, which started on February 1, 2016 through July 31, 2016. Based on that number, Mediagrif would be entitled to purchase up to 25% of the ADTV on any trading day, being 1,660 common shares. In accordance with the rules of the TSX, a listed issuer may make one block purchase per calendar week that exceeds the daily repurchase restriction.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a Canadian leader in information technology, owner of several recognized Web and mobile platforms including Jobboom, LesPAC, Réseau Contact, MERX, ASC, InterTrade, Carrus, and BidNet. Mediagrif's e-commerce solutions are used by millions of consumers and businesses in North America and around the world. The Corporation has offices in Canada, the United States and China. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.
This press release contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those expected by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Unless otherwise indicated, all amounts are in Canadian dollars.
SOURCE Mediagrif Interactive Technologies Inc.
For further information: Claude Roy, Chief Executive Officer, Tel.: 450 449-0102 ext. 2004, Toll Free: 1 877 677-9088 ext. 2004, Email: email@example.com ; Paul Bourque, Chief Financial Officer, Tel.: 450 449-0102 ext. 2135, Toll Free: 1 877 677-9088 ext. 2135, Email: firstname.lastname@example.org