Vancouver, British Columbia–(Newsfile Corp. – May 17, 2022) – Synex Renewable Energy Corporation SXI (Formerly, Synex International Inc.) (the “Company” or “Synex“) is pleased to announce that the Toronto Stock Exchange (the “TSX“) has accepted a notice filed by Synex of its intention to initiate a normal course issuer bid (“ORCN“).
The TSX Notice provides that Synex may, during the 12-month period beginning May 19, 2022 and ending May 18, 2023, purchase up to 200,575 common shares of Synex (“Ordinary actions“), representing approximately 5% of the issued and outstanding common shares, by way of issuer bid on the TSX or through alternative trading systems. As of May 16, 2022, Synex had 4,011,511 common shares outstanding. Based on the average daily trading volume of 1,372 common shares over the past six months, daily purchases will be limited to 1,000 Common Stock, Other than Bulk Purchase Exceptions.
Purchases will be made on behalf of the Company by a registered dealer through the facilities of the TSX at prevailing market prices in accordance with the rules of the TSX governing normal course issuer bids and/or by through other Canadian trading platforms or as permitted by applicable regulations. securities regulators. Synex has not purchased any common shares in the past 12 months.
Decisions regarding the timing of future purchases of Common Shares will be based on market conditions, stock price and other factors. Synex may choose to suspend or discontinue its NCIB at any time. The common shares purchased pursuant to the issuer bid will be cancelled. Synex believes that the market price of its common shares may, on occasion, not reflect the inherent value of the Company and that purchases of common shares pursuant to the issuer bid may represent an appropriate and desirable from the Company’s funds. Accordingly, Synex believes that it is in the best interest of the Company to proceed with the tender offer.
Pursuant to an automatic stock purchase plan with its registered broker dated May 16, 2022 and effective upon commencement of the issuer bid, Synex may, from time to time, where it does not have material non-public information about itself or its securities, set certain pre-determined parameters to permit the purchase of common stock at times when Synex would not normally be active in the market due to its own trading blackout periods and its rules on insider trading.
About Synex Renewable Energy Corporation (formerly Synex International Inc.)
Synex is a Vancouver, British Columbia-based company engaged in the development, acquisition, ownership and operation of renewable energy projects in Canada. It holds interests in 12 MW of operating hydroelectric projects in British Columbia and owns a Vancouver Island grid connection and utility that operates as Kyuquot Power Ltd. The company also has 24 potential hydroelectric sites totaling more than 150 MW of capacity, and approximately 17 development sites that could provide up to 4,850 MW of clean power in British Columbia. For more information, visit www.synex.com.
For media inquiries, please contact:
President and CEO, Synex Renewable Energy Corporation. (Formerly, Synex International Inc.)
524 Locust Street, Burlington, ON L7S 1V2
Telephone (905) 329-5000
Caution Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or of the current condition, but rather represent only Synex’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is expected”, ” budget”, “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “will continue”, “will occur” or “will be carried out”.
By identifying such information and statements in this manner, Synex cautions the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. understood by this information. and statements. Additionally, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurances or warranties can be made. given that these forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the main factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in financial markets ; and other risks disclosed in the Company’s Annual Information Form dated September 28, 2021 and available on the Company’s profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying any forward-looking information or statements prove incorrect, actual results may differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. .
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements contained or referenced herein. except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf are expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124239