LONGUEUIL, QC, Sept. 23, 2015 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. ("Mediagrif" or the "Corporation") (TSX: MDF), a world-leading operator of e-business solutions, announces the amendment of its Normal Course Issuer Bid ("NCIB") in accordance with the approval of the Toronto Stock Exchange (the "TSX"). The purpose of the amendment is to increase the number of shares that Mediagrif may purchase under the NCIB from 500,000 to 750,000 common shares, representing approximately 4.82% of the 15,542,255 issued and outstanding shares as of February 19, 2015. Daily repurchases are not affected by the amendment and will be limited to 1,467 common shares, other than block purchase exemptions. The common shares will be repurchased by Mediagrif for cancellation.
The number of common shares that Mediagrif intends to repurchase and the time of such repurchases will be determined by Mediagrif, at its discretion. The repurchase period is not affected by this amendment; it will therefore end on the earlier of February 23, 2016 or the date on which Mediagrif will have either acquired the maximum number of common shares pursuant to this amendment or otherwise decided not make any further repurchases. All the common shares acquired under the NCIB will be repurchased at their market price at the time of acquisition.
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 NCIB other than the benefits conferred upon all the shareholders of Mediagrif. As of the date hereof, Mediagrif has purchased 481,109 common shares at a weighted average purchase price of $16.95 per share under its NCIB that started on February 24, 2015 and terminates on February 23, 2016.
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, 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 Company 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 Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated 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. All amounts are in Canadian dollars.
SOURCE Mediagrif Interactive Technologies Inc.
For further information: Claude Roy, President and Chief Executive Officer, Tel.: 450 449-0102 ext: 2004, Toll Free: 1 877 677-9088 ext: 2004, Email: firstname.lastname@example.org; Paul Bourque, Chief Financial Officer, Tel.: 450 449-0102 ext: 2135, Toll Free: 1 877 677-9088 ext: 2135, Email: email@example.com