VEGREVILLE, AB, March 4, 2019 /CNW/ - TerraVest Industries Inc. ("TerraVest" or the "Corporation") (TSX: TVK) announced today that it has received the approval of the Toronto Stock Exchange (the "TSX") to renew its normal course issuer bid (the "Bid") for up to 852,566 of its issued and outstanding common shares (the "Shares") on the TSX.
Purchases under the Bid may commence on March 6, 2019 and will terminate on March 5, 2020 or on such earlier date as the Bid is complete. Purchases of Shares will be made either through the facilities of the TSX in accordance with its rules or through alternative Canadian trading platforms.
The average daily trading volume of the Shares for the previous six calendar months ("ADTV") was 9,084 Shares. Subject to the TSX's block purchase exception, on any trading day, purchases under the Bid will not exceed 2,271 Shares (25% of the ADTV). The price that the Corporation will pay for any Shares purchased under the Bid will be the prevailing market price at the time of purchase. Any Shares purchased by the Corporation will be cancelled.
As of February 28, 2019, there were 17,051,335 Shares issued and outstanding. The 852,566 Shares that may be repurchased under the Bid represents approximately 5.0% of the issued and outstanding Shares on February 28, 2019.
Pursuant to the Corporation's normal course issuer bid which commenced on February 2, 2018 and terminated on February 1, 2019, TerraVest purchased 21,400 Shares at a weighted average price of $10.02 per Share.
The Board of Directors of the Corporation has authorized the Bid because it believes that it is an efficient use of the Corporation's financial resources to purchase Shares when the market price of the Shares does not fully reflect their underlying value.
SOURCE TerraVest Industries Inc.
For further information: Dustin Haw, Chief Executive Officer, TerraVest Industries Inc., (416) 855-1928, [email protected]