VEGREVILLE, AB, March 15, 2022 /CNW/ - TerraVest Industries
Inc. ("TerraVest" or the "Corporation") (TSX: TVK)
announced today that it has received the approval of the Toronto
Stock Exchange (the "TSX") to renew its normal course issuer
bid (the "Bid") for up to 947,259 of its issued and
outstanding common shares (the "Shares") on the
TSX.
Purchases under the Bid may commence on March 17, 2022, and will terminate on
March 16, 2023 or on such earlier
date as the Bid is complete. Purchases of Shares will be made
either through the facilities of the TSX in accordance with its
rules or through alternative Canadian trading systems.
The average daily trading volume of the Shares for the previous
six calendar months ("ADTV") was 5,167 Shares. Subject to
the TSX's block purchase exception, on any trading day, purchases
under the Bid will not exceed 1,291 Shares (25% of the ADTV).
The price that the Corporation will pay for any Shares purchased
under the Bid will be the prevailing market price at the time of
purchase. Any Shares purchased by the Corporation will be
cancelled.
As of March 7, 2022, there were
17,929,118 Shares issued and outstanding, and TerraVest's public
float was 9,472,590 Shares. The 947,259 Shares that
may be repurchased under the Bid represents approximately 10.0% of
the public float of Shares on March 7,
2022.
Pursuant to the Corporation's normal course issuer bid which
commenced on March 17, 2021, and
terminated on March 16, 2022,
TerraVest purchased 1,028,726 Shares at a weighted average price of
$17.49 per Share.
The Board of Directors of the Corporation has authorized the Bid
because it believes that it is an efficient use of the
Corporation's financial resources to purchase Shares when the
market price of the Shares does not fully reflect their underlying
value.
SOURCE TerraVest Industries Inc.