TORONTO, Nov. 27, 2019 /CNW/ - Mimi's Rock Corp. (the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted the Company's notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 3,029,109 of its common shares (the "Shares"), representing approximately 10% of the Company's "public float".
Management of the Company believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the NCIB is in the best interests of the Company, a desirable use of its available cash, and will enhance shareholder value in general.
The Company has received approval from the Exchange to commence the NCIB on November 29, 2019 and continue to November 28, 2020, or earlier in the event that the Company has acquired the maximum number of Shares that may be purchased under the NCIB. The Company may also terminate the NCIB earlier if it feels it is appropriate to so.
The NCIB will be made through the facilities of the Exchange and the purchase and payment for the Shares will be made in accordance with the Exchange requirements at the market price of the Shares at the time of acquisition. All Shares purchased by the Company under the NCIB will be cancelled. Under the NCIB, Shares may be purchased in open market transactions on the Exchange and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.
The Company has engaged Haywood Securities Inc. to act as its agent to conduct the NCIB transactions.
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any shares under the NCIB.
ABOUT THE COMPANY
Mimi's Rock Corp. (formerly Commerce Acquisition Corp.) is an online dietary supplement and wellness company operating under the Dr. Tobias brand. The brand features over 30 products including the top selling colon cleansing product and the #1 selling Omega 3 Fish Oil on Amazon.com. The Company currently serves customers in the United States and has rapid growth plans to expand into other markets.
Forward Looking Statements
This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, internal and external factors disclosed in the most recent annual information form of the Company and other documents publicly filed by the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
SOURCE Mimi's Rock Inc.
For further information: Visit mimisrock.com or contact: Telfer Hanson, (416) 230-3003, [email protected]