Company intends to purchase up to $5 million in shares
TORONTO, May 05, 2020 (GLOBE NEWSWIRE) -- Captor Capital Corp. (“Captor” or the “Company”) (CSE: CPTR; FRANKFURT: NMVA; USOTC: CPTRF) announced today its intention to commence a normal course issuer bid ("NCIB" or the "Bid") to expend up to an aggregate of CDN $5 million on the purchase of common shares of the Company (the "Shares"). The actual number of Shares that may be purchased under the Bid, the value of the consideration per Share, and the exact timing of any such purchases will be determined by the Company and will depend on, among other things, future market conditions.
“Captor is commencing the Bid because the Company believes the repurchase of its Shares for cancellation would be in the best interests of its shareholders,” said Captor Capital CEO, John Zorbas. “The market price of its Shares, affected as it is by both the current cannabis market and the COVID-19 pandemic, does not reflect the underlying value of the Company's business and future prospects.”
Pursuant to the NCIB, the Company may, if considered advisable, purchase the Shares through the facilities of the Canadian Securities Exchange ("CSE") and/or alternative trading systems, from time to time over the next 12 months, and shall not, in any event, exceed 5% of the issued Shares.
The Company has appointed Foster and Associates Financial Services Inc. to coordinate and facilitate its NCIB purchases. Purchases are expected to commence through the CSE and/or alternative trading systems on or about May 5, 2020 and will conclude on the earlier of the date on which purchases under the bid have been completed or March 31, 2021. All Shares purchased by the Company will be cancelled.
About Captor Capital
Captor Capital Corp. is a Canadian cannabis company listed on the Canadian Securities Exchange, the OTC, and the Frankfurt and Stuttgart stock exchanges. Captor provides recreational cannabis, as well as other high demand cannabis-based goods for consumption. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale. Captor currently has a number of revenue generating cannabis assets including the CHAI Cannabis Co. dispensaries in Santa Cruz and Monterey, CA and the related e-commerce and deliver assets. The Company also owns Mellow Extracts, based in Costa Mesa, CA (launch date to be determined).
Gavin Davidson, Communications Captor Capital Corp. firstname.lastname@example.org 416-504-3978
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.