Business
Sailfish Royalty Announces Normal Course Issuer Bid
Tortola, British Virgin Islands--(Newsfile Corp. - July 12, 2023) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") announced t
About this update from Sailfish Royalty Corp.
[{"type":"text","content":" Tortola, British Virgin Islands--(Newsfile Corp. - July 12, 2023) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the \"Company\" or \"Sailfish\") announced today that the TSX Venture Exchange (the \"Exchange\") has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid (the \"Bid\") to be transacted through the facilities of the Exchange. The notice provides that the Company may, during the 12-month period commencing July 18, 2023 and ending July 17, 2023, purchase up to 3,547,390 common shares of the Company (\"Shares\") in total, being approximately 5% of the total number of Shares outstanding as at July 12, 2023. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of the Company. Purchases under the Bid will be made from time to time by PI Financial Corp. on behalf of the Company. All Share purchases will be made on the open market through the facilities of the Exchange and will be purchased for cancellation. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company. The Company's current Normal Course Issuer Bid through the facilities of the Exchange commenced on July 14, 2022 and will complete on July 13, 2023 (the \"Current Bid\"). Under the Current Bid, the Company has purchased 1,092,300 common shares of the Company for a volume-weighted average price of approximately $0.9393 per share. The Company does not anticipate additional purchases under the Current Bid following the date hereof. The common shares purchased under the Previous Bid were then cancelled and made available for reissue as authorized unissued common shares of the Company. The Board of Directors of the Company believes that the recent market prices of the Company's common shares do not properly reflect the underlying value of such shares. As a result, depending upon future price movements and other factors, the Board believes that the purchase of the Shares would be an appropriate use of corporate funds and in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by...