(MENAFN– Newsfile Corp) Synex Renewable Energy Announces Normal Course Issuer Bid
Vancouver, British Columbia–(Newsfile Corp. – May 17, 2022) – Synex Renewable Energy Corporation (TSX: SXI) (Formerly, Synex International Inc.) (the ‘Company’ or ‘Synex’) is pleased to announce that the Toronto Stock Exchange (the ‘TSX’) has accepted a notice filed by Synex of its intention to make a normal course issuer bid (‘NCIB’).
The TSX notice provides that Synex may, during the 12-month period commencing May 19, 2022 and terminating May 18, 2023, purchase up to 200,575 of Synex’s common shares (‘Common Shares’), representing approximately 5% of the issued and outstanding Common Shares, by way of a NCIB on the TSX or through alternative trading systems. As of May 16, 2022, Synex had 4,011,511 outstanding Common Shares. Based on the average daily trading volume of 1,372 Common Shares during the last six months, daily purchases will be limited to 1,000 Common Shares, other than block purchase exceptions.
Purchases will be made on behalf of the Company by a registered broker through facilities of the TSX at prevailing market prices pursuant to the rules of the TSX governing normal course issuer bids and/or through alternative Canadian trading platforms or as otherwise may be permitted by applicable securities regulatory authorities. Synex has not repurchased any Common Shares in the past 12 months.
Decisions regarding the timing of future purchases of Common Shares will be based on market conditions, share price and other factors. Synex may elect to suspend or discontinue its NCIB at any time. Common Shares purchased under the NCIB will be cancelled. Synex believes that the market price of its Common Shares may, from time to time, not reflect the inherent value of the Company, and that purchases of Common Shares pursuant to the NCIB may represent an appropriate and desirable use of the Company’s funds. Therefore, Synex believes that it is in the best interest of the Company to proceed with the NCIB.
Pursuant to an automatic share purchase plan with its registered broker dated May 16, 2022 and effective on the commencement of the NCIB, Synex may, from time to time, when it does not possess material non-public information about itself or its securities, set certain pre-determined parameters to allow for the purchase of Common Shares at times when Synex ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules.
About Synex Renewable Energy Corporation (formerly, Synex International Inc.)
Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit .
For media inquiries, please contact:
Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation. (Formerly, Synex International Inc.)
524 Locust St., Burlington, ON, L7S 1V2
Phone (905) 329-5000
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of such words and phrases or may contain statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘will continue’, ‘will occur’ or ‘will be achieved’.
By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company’s annual information form dated September 28, 2021 and available on the Company’s profile at . Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice.
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