KITCHENER, ON, April 22, 2015 CNW/ - Brick Brewing Co. Limited ("Brick" or the "Company") (TSX: BRB) today announced that it has filed with the Toronto Stock Exchange ("TSX"), and the TSX has accepted, a notice of intention to make a normal course issuer bid (the "NCIB") permitting Brick to purchase for cancellation up to 1,700,000 common shares ("Shares") over a 12-month period, representing approximately 5% of the 34,919,291 Shares outstanding as of April 21, 2015.
The NCIB will commence on April 24, 2015 and terminate on April 23, 2016, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or other alternative Canadian platforms at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares for the six months ended March 31, 2015 is 13,021 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 3,255 Shares. Shares purchased under the NCIB will be cancelled. Brick has not purchased any of its Shares in the previous twelve month period.
Brick has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. The broker has been instructed not to commence purchases prior to May 15, 2015. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of Brick.
Brick believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. As a result, Brick believes that the purchase of Shares, from to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
About Brick Brewing
Brick is Ontario's largest Canadian-owned and Canadian-based publicly held brewery. The Company is a regional brewer of award-winning premium quality and value beers and is officially certified under British Retail Consortium (BRC) Global Standards for Food Safety, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Brick Brewing Co. was the first craft brewery to start up in Ontario, and is credited with pioneering the present day craft brewing renaissance in Canada. Brick has complemented its Waterloo brand premium craft beers with other popular brands such as Laker, Red Baron, Red Cap and Formosa Springs Draft. In March 2011, Brick purchased the Canadian rights to the Seagram Coolers and now produces, sells, markets and distributes Seagram Coolers across Canada. Brick trades on the TSX under the symbol BRB. Visit us at www.brickbeer.com.
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. Such statements relate to, among other things, the Company's intention to purchase Shares pursuant to the NCIB, the Company's belief that the Shares may from time to time be undervalued and that purchases of Shares under the NCIB will provide benefits to shareholders. These statements reflect the Company's current views regarding future events and operating performance, are based on information currently available to the Company, and speak only as of the date of this press release. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
SOURCE Brick Brewing Co. Limited
For further information: Sean Byrne, Chief Financial Officer, at (519) 742-2732 x132 or [email protected]