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Coloured Ties Announces Commencement of Substantial Issuer Bid
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2022) - Coloured Ties Capital Inc. (T...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"Coloured Ties Announces Commencement of Substantial Issuer BidVancouver, British Columbia--(Newsfile Corp. - December 13, 2022) - Coloured Ties Capital Inc. (TSXV: TIE) (\"CTI\" or the \"Company\") announces today the commencement and terms of its previously announced substantial issuer bid (the \"Offer\") under which the Company will offer to purchase for cancellation up to $3,375,000 of its outstanding common shares (the \"Shares\"). The Offer commences today and will expire on January 17, 2023, unless extended, varied or withdrawn. Settlement will occur on or about January 19, 2023The Offer is being made by way of a \"modified Dutch auction\", which will allow shareholders who choose to participate in the Offer to individually select the price, with a range of not less than $0.55 per Share and not more than $0.65 per Share (in increments of $0.01 per Share), at which they are willing to sell their Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $0.65 per Share and not less than $0.55 per Share) (the \"Purchase Price\") that will allow it to purchase the maximum number of Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding $3,375,000.Shareholders who wish to participate in the Offer will be able to do so through (i) auction tenders in which they specify the number of Shares being tendered at a specific price per Share, or (ii) purchase price tenders in which they agree to have a specified number of Shares purchased at the purchase price to be determined pursuant to the auction and have their Shares considered as having been tendered at the minimum price of $0.55 for the purposes of determining the purchase price. Shareholders who validly deposit Shares without specifying the method in which they are tendering their Shares will be deemed to have made a purchase price tender. Shares can be tendered into the offer thru your broker and via Computershare. Simply instruct your broker how many shares you wish to tender, at what price (maximum $.65/share) and your broker will make the offer thru Computershare.If the Offer would result in an aggregate purchase price of more than $3,375,000, the Company will purchase a pro-rated portion of the Shares so tendered pursuant to auction tenders at or below the Purchase Price...