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5N Plus Inc. Announces Normal Course Issuer Bid
5N Plus Inc. Announces Normal Course Issuer Bid Canada NewsWire MONTREAL, March ...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n\n\n\n5N Plus Inc. Announces Normal Course Issuer Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, March 5, 2020\n\n\n\nMONTREAL, March 5, 2020 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) (\"5N Plus\" or the \"Company\"),  a leading global producer of engineered materials and specialty chemicals, today announces that the Toronto Stock Exchange (\"TSX\") has approved 5N Plus' normal course issuer bid (\"NCIB\"). Under the NCIB, 5N Plus has the right to purchase for cancellation, from March 9, 2020 to March 8, 2021, a maximum of 2,000,000 common shares, representing approximately 2.4% of the 83,401,558 common shares issued and outstanding as of February 25, 2020. \n\n \n \n \n \n \n \n\n \nAny shares purchased by 5N Plus under the NCIB will be effected through the facilities of TSX as well as on alternative Canadian trading systems, at prevailing market rates and any common shares purchased by the Company will be cancelled. The actual number of shares that may be purchased and the timing of any such purchases will be determined by 5N Plus. Any purchases made by 5N Plus pursuant to the NCIB will be made in accordance with the rules and policies of the TSX. \nThe Board of Directors believes the underlying value of the Company may not be reflected in the market price of its common shares from time to time and that, at appropriate times, repurchasing its shares through the NCIB may represent a good use of 5N Plus' financial resources, as such action can protect and enhance shareholder value when opportunities or volatility arise. Thus, the Board has determined that the NCIB is in the best interest of the Company and its shareholders, as well as good administrative practice to implement and renew systematically every year.\nDuring the most recently completed six months, the average daily trading volume for the common shares of 5N Plus on the TSX was 27,669 shares. Consequently, under the policies of the TSX, 5N Plus will have the right to repurchase under its NCIB, during any trading day, a maximum of 6,917 shares, representing 25% of...