VANCOUVER, BC, April 8, 2022 /CNW/ – Westshore Terminals Investment Corporation (TSX: WTE) (the “society“) announced today that it has received acceptance from the Toronto Stock Exchange (the “To exchange“) to initiate a normal course issuer bid (the “Offer“) to purchase for cancellation, from time to time, as it sees fit, up to 3,162,891 of the issued and outstanding common shares of the Company (the “Ordinary actions“), i.e. 5% of the 63,257,835 ordinary shares outstanding as of April 7, 2022.

Purchases under the Offer will be made from time to time by Scotia Capital Inc. on behalf of the Company through open market transactions through the facilities of the Exchange and/or through the intermediary of alternative trading systems in Canada at which the common shares are traded. The price the Company will pay for any Common Shares purchased under the Offer will be the prevailing market price for such Common Shares at the time of such purchase. Under applicable rules, the Company may purchase up to 36,346 common shares on a single trading day, or 25% of the average trading volume of common shares on the Toronto Stock Exchange over the last six months. , and can purchase once per calendar week in a block trades a larger number of common shares.

The offer will start on April 13, 2022 and will end on the earliest of the following dates: April 12, 2023 or the date on which the Company has acquired all of the Common Shares sought under the Offer, unless earlier terminated by the Company. Common Shares purchased by the Company under the Offer will be cancelled. The Company has not made any purchases of common shares under its recent normal course issuer bid for which 3,162,891 common shares have been solicited and approved for purchase and which expires on April 122022.

The Company’s Board of Directors believes that, from time to time, the market price of the Common Shares may not adequately reflect the value of its business and its future business prospects. Accordingly, the Company believes that its outstanding Common Shares may, at such times, represent an attractive investment and an appropriate and desirable use of its available funds. The foregoing statements regarding the anticipated purchases of Common Shares pursuant to the Offer are forward-looking statements which reflect the Company’s current expectations. Forward-looking statements should not be construed as a guarantee that the Company will purchase Common Shares under the Offer and are based on information available at the time the statements are made, management’s assumptions and beliefs of good management’s faith regarding future events. .

SOURCE Westshore Terminals Investment Corporation


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