Business
Thermal Energy Announces Normal Course Issuer Bid
Ottawa, Ontario--(Newsfile Corp. - May 22, 2025) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today announced its intention to undertake a Normal Course Issuer Bid (the "Bid"). Thermal Energy is launching the Bid because it believes that, from time to time, the market price ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Ottawa, Ontario--(Newsfile Corp. - May 22, 2025) - Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today announced its intention to undertake a Normal Course Issuer Bid (the "Bid").","length":384,"tagName":"p"},{"type":"text","content":"Thermal Energy is launching the Bid because it believes that, from time to time, the market price for the common shares of the Company does not reflect the underlying value of its business and its future prospects. The Board of Directors and Senior Management of Thermal Energy are of the opinion that under those circumstances the purchase of its shares at the prevailing market price may be in the best interest of the Company and its shareholders.","length":450,"tagName":"p"},{"type":"text","content":"The Bid will consist of the purchase on the public market, from time to time, if and to the extent Thermal Energy considers it advisable, of up to 8,655,715 common shares, representing approximately 5.0% of the outstanding common shares of Thermal Energy and approximately 5.5% of the outstanding common shares excluding shares that are known to be held by insiders and their associates and affiliates. There are currently 173,114,305 common shares of Thermal Energy issued and outstanding. The period during which purchases may be made under the Bid will begin on May 22, 2025, and will extend until May 21, 2026, or earlier if the maximum number of shares sought in the Bid has been obtained. Thermal Energy reserves the right to terminate the Bid earlier if it feels it is appropriate to do so. All shares acquired under the Bid will be returned to treasury for cancellation.","length":878,"tagName":"p"},{"type":"text","content":"The last normal course issuer bid conducted by Thermal Energy was launched in November 2019 and was active until March 2020, resulting in a total of 1,733,000 common shares being purchased by the Company.","length":204,"tagName":"p"},{"type":"text","content":"Common shares acquired by Thermal Energy under the Bid will be purchased at the market price at the time of purchase and will be purchased on behalf of Thermal Energy by Beacon Securities Limited, Thermal Energy's broker in co...