Canfor Announces Re-institution of Normal Course Issuer Bid
VANCOUVER, BC, June 14, 2021 /CNW/ - Canfor Corporation ("Canfor" or the "Company") (TSX: CFP) announced today that it has received regulatory approval to re-institute a normal course issuer bid that expired in March, 2020. Under the new bid, the Company may purchase for cancellation up to 6,260,970 common shares of the Company (the "Shares") or approximately 5% of the 125,219,400 Shares outstanding as of June 10, 2021, at prevailing market prices, in accordance with the rules of The Toronto Stock Exchange (the "TSX").
The re-instituted normal course issuer bid will commence on June 16, 2021, and continue until June 15, 2022, unless completed or terminated earlier. Canfor believes the normal course issuer bid is in the best interests of the Company and its shareholders. Purchases of Shares made under the bid will be effected through the facilities of the TSX and/or through one or more Canadian alternative trading systems.
Purchases will be made at the discretion of the Company at prevailing market prices, through the facilities of the TSX, in compliance with regulatory requirements. Daily purchases will be restricted to not more than 107,745 Shares, representing 25% of the 430,980 average daily trading volume of the Shares on the TSX, subject to certain prescribed exemptions. There can be no assurance as to the precise number of Shares that will be repurchased under the share repurchase program. The Company may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The Company intends to hold all Shares acquired under the issuer bid for cancellation.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.
About Canfor Corporation
Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market Northern Bleached Softwood Kraft Pulp and a leading producer of high performance kraft paper. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.
SOURCE Canfor Corporation
Media Contact: Michelle Ward, Senior Director, Communications and Government Relations, (604) 661-5225, [email protected]; Investor Contact: Pat Elliott, Senior Vice President, Corporate Finance and Sustainability, (604) 661-5441, [email protected]
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