LAKESHORE, ON, Dec. 12, 2016 /CNW/ - Reko International Group Inc. (TSX-V: REK) announced today the approval of a normal course issuer bid for 321,996 of its outstanding common shares.
The notice provides that Reko may, during the 12-month period commencing December 15, 2016 and ending December 14, 2017, purchase on the TSX Venture Exchange up to a total of 321,996 of its common shares, being approximately 5% of the outstanding common shares. Matthew LaRose of National Bank Financial will be the Member acting on behalf of Reko. The price that Reko will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by Reko. All purchased shares will be cancelled. There are 6,439,920 common shares of Reko outstanding as of today.
A shareholder may receive a copy of Form 5G, Notice of Intention to Make a Normal Course Issuer Bid, via SEDAR at www.sedar.com; by contacting the Company via e-mail at email@example.com; or, by writing to the Company, Attention: Investor Relations, 469 Silver Creek Industrial Drive, Lakeshore, Ontario N8N 4W2.
Reko believes that its common shares have been trading in a price range, which does not reflect their value in relation to Reko's business and its future business prospects. As a result, depending upon future price movements and other factors, Reko believes that its outstanding common shares represent an attractive investment and a desirable use of a portion of its available funds.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Reko International Group Inc.
Reko International Group Inc. is a publicly traded, certified woman owned manufacturing company located in Southwestern, Ontario. Established in 1976, Reko International Group Inc. is a diverse value-added designer and manufacturer of customized machining and engineering solutions to OEMs and their Tier I suppliers in dynamic sectors as rail equipment, oil and gas distribution, mining, military, capital equipment, and automotive.
SOURCE Reko International Group Inc.
For further information: Visit www.rekointl.com, or contact Marilyn Crowley, Chief Financial Officer at (519) 727-3287.