(Listed on the TSX Venture Exchange - Stock Symbol "BEW")
TORONTO, ON / ACCESSWIRE / June 3, 2024 / BeWhere Holdings Inc. (the "Corporation" or "BeWhere") announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on June 7, 2024 and terminate on June 6, 2025 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.
In the opinion of the Board of Directors of BeWhere, the market price of the Common Shares of BeWhere does not accurately reflect the value of those shares. As a result, the Corporation intends to repurchase BeWhere's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Corporation.
BeWhere intends to attempt to acquire over the next 12-month period, a number of its Common Shares equal to 5% of its issued and outstanding Common Shares as at June 7, 2024. On May 31, 2024, the number of issued and outstanding Common Shares of BeWhere was 87,231,111, and 5% of that number is 4,361,555 Common Shares. The number of issued and outstanding Common Shares may be reduced by virtue of any shares acquired by BeWhere under its current Normal Course Issuer Bid, ending on June 6, 2024, which number could potentially be reduced to 84,052,762 Common Shares and 5% of that number would be 4,202,638 Common Shares.
Purchases subject to the Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the TSX Venture Exchange and the price which the Corporation will pay for the Common Shares acquired by it will be the market price of the Common Shares at the time of acquisition. The Member through which the Normal Course Issuer Bid will be conducted is Beacon Securities Limited, Toronto, Ontario. All Common Shares purchased by BeWhere under the Normal Course Issuer Bid will be cancelled.
The foregoing proposed Normal Course Issuer Bid is subject to regulatory approval.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Owen Moore
President and Chief Executive Officer
Telephone: (416) 990-3970
Email: [email protected]
SOURCE: BeWhere Holdings Inc.