TORONTO – Khiron Life Sciences Corp. (TSXV: KHRN), (OTCQX: KHRNF) , (Frankfurt: A2JMZC), a vertically integrated cannabis company with operations in Latin America and Europe, announced today its intention to renew its prior normal course issuer bid through the facilities of the TSX Venture Exchange to repurchase, for cancellation, up to 8,955,893 common shares of the Company, representing approximately 5% of the Company’s presently issued and outstanding Shares. The renewal of the NCIB remains subject to the final approval of the TSXV.
The Company believes that, from time to time, the market price of its Shares does not adequately reflect the Company’s underlying value and future prospects and that, at such times, the purchase of the Company’s Shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value. In accordance with the requirements of the TSXV, the NCIB will commence three clear trading days following the TSXV’s receipt of documentation relating to, and acceptance of, the Company’s Notice of Intention to commence the NCIB.
The NCIB will be conducted on behalf of the Company by Scotia Capital Inc.. The NCIB will be made through the facilities of the TSXV, and the purchase and payment for the Shares will be made in accordance with TSXV requirements at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All securities purchased by the Company under the NCIB will be cancelled. As at the date hereof, the Company has 179,117,068 Shares outstanding.
To the Company’s knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB.
The Company’s prior normal course issuer bid for the purchase of up to 5,830,615 Shares expired on March 3, 2021. Under this bid, the Company purchased for cancellation 511,500 of its outstanding Shares through the facilities of the TSXV, representing approximately 0.4% of its issued and outstanding Shares at the time of commencement of the bid, at a weighted average price of $0.41 per Share for a total cost of $212,389.
A copy of the Company’s Notice of Intention to commence the NCIB filed with the TSXV may be obtained, by any shareholder without charge, by contacting the Company’s Chief Financial Officer, Joel Friedman.
This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. In particular, this press release includes forward-looking information relating to Khiron’s intention to purchase Shares pursuant to the normal course issuer bid, the number of Shares to be purchased, the timing of such purchases and the impact of such purchases on the value of the remaining Shares. Actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. Khiron undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron’s control, including the risk factors discussed in Khiron’s Annual Information Form which is available on Khiron’s SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
United States Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
(This information is primarily sourced from Khiron Life Sciences Corp. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).