Calgary, Alberta – September 20, 2022 – Strategem Capital Corporation (“Strategem” or the “Company”) (TSXV: SGE) announces its intention to proceed with a normal course issuer bid (“NCIB”) for up to 467,576 Class A common shares (“Shares”) of the Company, representing approximately 5% of the issued and outstanding Shares of the Company.
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 Canaccord Genuity Corp. All Shares purchased by the Company will be subsequently cancelled. In the last 12 months, the Company purchased 85,400 Shares for an average price of $2.18 per share.
The Company has received approval from the Exchange to commence its NCIB on September 23, 2022. The bid will end on September 22, 2023 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.
The Company’s most recent financial statements are available under the Company’s SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS:
President & Chief Executive Officer
Neither the 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.
This news release contains certain forward-looking statements, including, but not limited to, expectations as to the use of proceeds from the Offering and final acceptance by the TSX Venture Exchange. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements such as the final acceptance from the TSX Venture Exchange may be delayed or may not be obtained and the use of proceeds may not be as anticipated. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.