North American Construction Group Ltd. Enters Into Automatic Share Purchase Plan
April 16 2020 - 4:05PM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA/NYSE:NOA) today announced that in connection with the
Company’s previously announced share purchase program in Canada and
the United States (the “Purchase Program”) to purchase up to
2,300,000 of its common shares (the “Shares”), it has entered into
an automatic share purchase plan (“ASPP”) with its designated
broker.
Pursuant to the ASPP, the designated broker may
purchase up to 1,585,091 Shares until the expiry of the Purchase
Program on March 11, 2021. Such purchases will be determined by the
broker at its sole discretion, based on the purchasing parameters
set out by the Company in accordance with the rules of the Toronto
Stock Exchange (the “TSX”), applicable securities laws and the
terms of the ASPP. Purchases of Shares under the ASPP may be made
through the facilities of the TSX, the New York Stock Exchange and
alternative trading systems. The ASPP has been pre-cleared by the
TSX and will be effective as of April 21, 2020. The ASPP will
terminate on the earlier of the date on which: (i) the Purchase
Program expires; (ii) the maximum number of Shares have been
purchased under the Purchase Program; and (iii) the Company
terminates the ASPP in accordance with its terms. Concurrent with
the establishment of the ASPP, the Company will confirm to the
broker that it is then not aware of any material undisclosed or
non-public information with respect to the Company or any
securities of the Company. During the term of the ASPP, the Company
will not communicate any material undisclosed or non-public
information to the trading staff of the broker; accordingly, the
broker may make purchases regardless of whether a trading blackout
period is in effect or whether there is material undisclosed or
non-public information about the Company at the time that purchases
are made under the ASPP. In the event that the ASPP is materially
varied, suspended or terminated, the Company will issue a news
release advising of such variation, suspension or termination, as
applicable.
Outside of the ASPP, Shares may continue to be
purchased under the Purchase Program based on management’s
discretion, in compliance with the rules of the TSX and applicable
securities laws. The Purchase Program commenced on March 12, 2020
and expires on March 11, 2021. All purchases made under the ASPP
will be included in the number of Shares available for purchase
under the Purchase Program.
About the Company
North American Construction Group Ltd.
(www.nacg.ca) is one of Canada’s largest providers of heavy civil
construction and mining contractors. For more than 65 years, NACG
has provided services to large oil, natural gas and resource
companies.
For further information contact:Jason Veenstra,
CPA, CAChief Financial OfficerNorth American Construction Group
Ltd.(780) 948-2009jveenstra@nacg.ca www.nacg.ca
Forward-Looking Information
The information provided in this news release
contains forward-looking statements. Forward-looking statements
include statements preceded by, followed by or that include the
words “will”, “intends” “expect”, “may”, “could”, “believe”,
“anticipate”, “should” or similar expressions. In particular, this
news release contains forward-looking statements and information
relating to the Company’s belief that the NCIB is in the best
interests of the Company and its shareholders and that the
underlying value of the Company may not be reflected in the market
price of the Common Shares, the Company’s intentions regarding the
NCIB and whether the Company will receive the requisite approval of
the TSX in respect of the NCIB. Forward-looking statements in this
news release are being made by NACG based on certain assumptions
that NACG has made in respect thereof as at the date of this news
release. These forward-looking statements are not guarantees of
future performance and are subject to a number of known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information. The material factors or assumptions used to
develop such forward-looking statements include, and the risks and
uncertainties to which such forward-looking statements are subject,
are highlighted in the MD&A for the quarter and year ended
December 31, 2019. Actual results could differ materially from
those contemplated by such forward-looking statements because of
any number of factors and uncertainties, many of which are beyond
NACG’s control. Undue reliance should not be placed upon
forward-looking statements and NACG undertakes no obligation, other
than those required by applicable law, to update or revise those
statements. For more complete information about NACG, please read
our disclosure documents filed with the SEC and the CSA. These free
documents can be obtained by visiting EDGAR on the SEC website at
www.sec.gov or on the CSA website at www.sedar.com.
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