Toronto, Ontario--(Newsfile Corp. - November 14, 2017) - Augusta Industries Inc. (TSXV: AAO) (the "Company") would like to announce its intention to commence a normal course issuer bid ("NCIB") for up to 17,340,061 common shares ("Shares"), representing up to 10% of the Company's public float.
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 TD Securities. All Shares purchased by the Company will be subsequently cancelled.
The Company has received approval from the Exchange to commence its NCIB on November 20, 2017. The bid will end on November 19, 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 the Company 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 the Corporation
Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and Fox-Tek Canada Inc. ("Fox-Tek"), the Company provides a variety of services and products to a number of clients.
Marcon is an industrial supply contractor servicing the energy sector and a number of US Government entities. Marcon's principal business is the sale and distribution of industrial parts and equipment.
Fox-Tek provides world leading solutions to various sectors including the oil and gas industry. With non-intrusive technologies including fiber-optic sensors and electric field mapping systems, Fox-Tek is able to accurately measure changes that could negatively impact our client's operations.
Allen Lone, President and C.E.O.
Tel: 905.275.8111, Ext. 226
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.