VANCOUVER, British Columbia, Aug. 01, 2017 (GLOBE NEWSWIRE) — Strategem Capital Corporation (“Strategem” or the “Company”) (TSXV:SGE) is pleased to announce its intention to commence a normal course issuer bid (“NCIB”) for up to 218,549 Class A common shares (“Shares”), representing up to 5% of its Shares issued and outstanding.
Purchases will be by way of open market purchases through the facilities of the TSX Venture Exchange (the “Exchange”) and the Company will pay the market price of the Shares at the time of acquisition. The Company will conduct the NCIB through Raymond James Ltd. All Shares purchased by the Company will be subsequently cancelled.
The Company has received approval from the Exchange to commence its NCIB on August 2, 2017. The bid will end on July 31, 2018 or earlier if the number of Shares sought in the NCIB has been obtained. The Company reserves the right to terminate the bid earlier if it determines such action to be appropriate. Although Strategem intends to purchase Shares under its NCIB, there can be no assurance that any such purchases will be completed.
The Company believes that the purchase of the Shares will increase the proportionate interest of, and be advantageous to, all remaining security holders. The normal course purchases will also afford an increased degree of liquidity in the market.
About Strategem Capital Corporation
Strategem is a publicly-traded merchant bank whose investment objective is to provide capital growth through investments in a broad spectrum of diversified investment assets. These investment assets may include securities, mutual funds, government treasury issues, real estate or other related opportunities. Its investments shall be focused, high growth opportunities in private or public companies.