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Genesis Land Development Corp. Announces Normal Course Issuer Bid
Genesis Land Development Corp. Announces Normal Course Issuer Bid Canada NewsWire ...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n \n \n \n Genesis Land Development Corp. Announces Normal Course Issuer Bid\n \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 Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 14, 2022\n \n \n /CNW/ - Genesis Land Development Corp. (the \"Company\" or \"Genesis\") (TSX: GDC) is pleased to announce that the Toronto Stock Exchange (TSX) has accepted a notice filed by Genesis to initiate a Normal Course Issuer Bid (\"Bid\") for a one year period. The Bid will commence on\n \n December 16, 2022\n \n and will terminate on the earlier of: (i)\n \n December 15, 2023\n \n ; and (ii) the date on which the maximum number of Genesis common shares (\"Common Shares\") that may be purchased pursuant to the Bid have been purchased.  Purchases of Common Shares under the Bid will be effected through the facilities of the TSX or alternative Canadian trading systems at the market price at the time of purchase. All Common Shares purchased pursuant to the Bid will be cancelled.\n \n \n The Company's board of directors and management believe that the market prices of the Common Shares do not properly reflect the underlying value of the Company's assets and business and, accordingly, the purchase by the Company of Common Shares pursuant to the Bid constitutes an appropriate investment of corporate funds which will benefit both the Company and its shareholders.\n \n \n Pursuant to the Bid, Genesis may purchase for cancellation up to 2,843,166 Common Shares, which is 5% of Genesis' issued and outstanding Common Shares as at\n \n November 30, 2022\n \n . The purchase price of the Common Shares is restricted to a maximum of\n \n $3.00\n \n per Common Share and an overall maximum of\n \n $8,000,000\n \n . The Company intends to monitor these restrictions and, subject to TSX approval, make any appropriate alterations in accordance with the Bid from time to time. Pursuant to the rules of the TSX, the maximum number of Common Shares that the Company may purchase in any one day is 1,045 Common Shares or 25% of the Company's average daily trading volume of 4,180 Com...