TERRAVEST ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID FOR ITS COMMON SHARES AND AUTOMATIC PURCHASE PLAN
VEGREVILLE, ALBERTA (March 15, 2023) – 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 949,963 of its issued and outstanding common shares (the “Shares”) on the TSX. In connection with the Bid, TerraVest has entered into an automatic share purchase plan with its designated broker to allow for purchase of Shares (the “Share Purchase Plan”).
Purchases under the Bid may commence on March 17, 2023 and will terminate on March 16, 2024 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 3,434 Shares. Subject to the TSX’s block purchase exception, on any trading day, purchases under the Bid will not exceed 1,000 Shares. 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, 2023, there were 17,831,318 Shares issued and outstanding. The 949,963 Shares that may be repurchased under the Bid represents approximately 10% of the public float of Shares on March 7, 2023.
Pursuant to the Corporation’s normal course issuer bid which commenced on March 17, 2022 and terminates on March 16, 2023, TerraVest had obtained approval to purchase up to 947,259 Shares, and purchased 97,800 Shares at a weighted average price of $23.43 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.
The Share Purchase Plan will commence on March 17, 2023 and end on, or before, March 16, 2024. Purchases under the Share Purchase Plan will be determined by TerraVest’s broker in its sole discretion, without consultation with TerraVest, subject to the limitations of the Share Purchase Plan and the rules of the TSX. The Share Purchase Plan is considered an “automatic plan” for purposes of applicable Canadian securities laws and has been reviewed by the TSX.
The Share Purchase Plan was established to provide standard instructions regarding how the Shares are to be purchased under the Bid. Accordingly, TerraVest may purchase Shares in accordance with the Share Purchase Plan on any trading day during the Bid, including during self-imposed trading blackout periods. TerraVest may otherwise vary, suspend or terminate the Share Purchase Plan only if it does not have material non-public information, the decision to vary, suspend or terminate the Share Purchase Plan is not taken during a self- imposed trading blackout period and any variation, suspension or termination is made in accordance with the terms of the Share Purchase Plan.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dustin Haw, Chief Executive Officer
TerraVest Industries Inc.