VEGREVILLE, AB, March 4, 2019 /CNW/
- 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 852,566 of its issued and outstanding
common shares (the "Shares") on the TSX.
Purchases under the Bid may commence on March 6, 2019 and will terminate on March 5, 2020 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 platforms.
The average daily trading volume of the Shares for the previous
six calendar months ("ADTV") was 9,084 Shares. Subject to
the TSX's block purchase exception, on any trading day, purchases
under the Bid will not exceed 2,271 Shares (25% of the
ADTV). 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 February 28, 2019, there
were 17,051,335 Shares issued and outstanding. The 852,566
Shares that may be repurchased under the Bid represents
approximately 5.0% of the issued and outstanding Shares on
February 28, 2019.
Pursuant to the Corporation's normal course issuer bid which
commenced on February 2, 2018 and
terminated on February 1, 2019,
TerraVest purchased 21,400 Shares at a weighted average price of
$10.02 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.
SOURCE TerraVest Industries Inc.