VERTEX RESOURCE GROUP LTD. ANNOUNCES NORMAL COURSE ISSUER BID
SHERWOOD PARK, AB, Aug. 25, 2023 /CNW/ - (TSXV: VTX) – Vertex Resource Group Ltd. ("Vertex" or the "Company") announced today that it has received approval from the the TSX Venture Exchange (the "Exchange") to commence a Normal Course Issuer Bid (the "NCIB"). The NCIB will commence on August 30, 2023 and end on August 29, 2024.
Under the NCIB, Vertex may purchase for cancellation, through the facilities of Exchange, other designated exchanges and/or alternative Canadian trading systems, if in the best interest of the Company, a maximum of 5,781,045 Common Shares (the "Shares"), which represents approximately 5% of the Shares outstanding as at August 25, 2023. Over the course of any 30-day period, Vertex will not purchase more than 2,312,417 Shares in total, which represents 2% of the Shares issued and outstanding as at August 25, 2023.
All purchases of the Shares are to be made through the facilities of the Exchange, other designated exchanges and/or alternative Canadian trading systems, in accordance with their rules and regulations. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition and all Shares will be purchased for cancellation.
Acumen Capital Finance Partners Limited (the "Broker") will be handling the NCIB on behalf of the Company. The actual number of Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by management of the Company with the exception that, the Company also entered into an automatic securities purchase plan with the Broker to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise.
The Board of Directors believes the underlying value of the Company may not be reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes that the Shares may represent an attractive investment to the Company and in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company if the repurchased Shares are cancelled.
A copy of the Company's notice filed with the Exchange may be obtained, by any shareholder without charge, by contacting the Company's Chief Financial Officer.
Since 1962, Vertex has been a leading North American provider of environmental services.
Headquartered in Sherwood Park, Alberta, Vertex employs a staff of approximately 950 employees and lease operators that provide services to help customers achieve their developmental and operational goals. From initial site selection, consultation and regulatory approval, through construction, operation and maintenance, to conclusion and environmental cleanup, Vertex provides a wide array of services to customers operating in industries such as energy, mining, utilities, private development, public infrastructure, construction, telecommunications, forestry, agriculture and government.
Vertex principally operates in Canada with select locations in the United States.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements included in this news release constitute "forward-looking statements" under Canadian securities laws, including statements relating to potential purchases of common shares for cancellation under a normal course issuer bid, the budget for the repurchases during the NCIB, future benefits of holding common shares of the Corporation, and future benefits resulting from the purchase of common shares of the Corporation through the NCIB. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Corporation cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty.
Forward-looking statements may be identified by the use of terminology such as "believes", "expects", "anticipates", "assumes", "outlook", "plans", "targets", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause the actual results or performance of the Corporation to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; and other risks detailed from time to time in reports filed by Vertex with securities regulators in Canada. Reference should be made to Vertex's Annual Information Form dated March 21, 2023 and can be found under the Corporation's issuer profile on SEDAR+ (www.sedarplus.ca) and on Vertex's website (www.vertex.ca), for a description of major risk factors.
Forward-looking statements reflect information as of the date on which they are made. Vertex assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event Vertex does update any forward-looking statement, no inference should be made that Vertex will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
SOURCE Vertex Resource Group Ltd.
Terry Stephenson, CEO, or Sherry Bielopotocky, CFO at 780-464-3295
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