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CALGARY, AB, Oct. 21, 2021 /CNW/ - Nanalysis Scientific Corp. ("the Company", TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1), is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to make a Normal Course Issuer Bid ("NCIB") to purchase for cancellation, during the 12-month period starting October 25, 2021, up to 3,844,081 of the Common Shares, representing 5% of the Common Shares outstanding as of October 25, 2021. The program will end on October 24, 2022, the maximum amount of Common Shares is purchased before then or Nanalysis provides earlier notice of termination.
The purchase and payment for the Common Shares will be made by Nanalysis through the facilities of the TSX Venture Exchange. Research Capital Corp has been selected as Nanalysis' agent for the NCIB. The price paid for the Common Shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares on the TSX Venture Exchange at the time of such purchase. Nanalysis intends to fund the purchases out of available cash.
Nanalysis believes that the market price of its Common Shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board's opinion, the proposed purchase of Common Shares pursuant to the NCIB could constitute an appropriate use of Nanalysis' funds, and the repurchase of its Common Shares is one way of creating shareholder value and provides corporate flexibility.
To the knowledge of Nanalysis, no director, senior officer or other insider of the Nanalysis currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.
Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol 'NSCI' ,Over the Counter (OTC) in the United States under the ticker symbol 'NSCIF', and on the Frankfurt Exchange (FRA) under the symbol '1N1'.
Nanalysis is an international business focused on capitalizing its proprietary technologies in nuclear magnetic resonance (NMR) that go into NMR spectrometers and magnetic resonance imaging (MRI). Nanalysis operates out of two subsidiaries, Nanalysis Corp. and RS2D S.A.S. (RS2D).
Nanalysis Corp. is an industry leader in developing and manufacturing compact NMR spectrometers for laboratory and industrial markets. Its advanced 60 and 100 MHz spectrometers require no liquid helium or other cryogens. These devices are used by chemical professionals spanning a wide variety of industries, including oil and gas, chemical, mining, pharmaceutical, and biotechnology.
Through its European subsidiary RS2D, the Company's electronic boards and software are used in conventional NMR and MRI equipment and are being incorporated into next-gen MRI systems as well as miniaturized MRI devices.
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Notice regarding Forward Looking Statements and Legal Disclaimer
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding: the NCIB, including the commencement and end date of the NCIB. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the underlying value of the Company and its Common Shares; the ability of the Company to complete purchases under the NCIB and final TSX Venture Exchange of the NCIB. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nanalysis Scientific Corp.
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