VEGREVILLE, AB, Jan. 15, 2019 /CNW/ - TerraVest Industries
Inc. ("TerraVest" or the "Corporation") (TSX: TVK)
announced today that it has received the approval of the Toronto
Stock Exchange (the "TSX") to renew its normal course issuer
bid (the "Bid") for up to $950,000 aggregate principal amount of its issued
and outstanding 7.00% convertible unsecured subordinated debentures
due June 30, 2020 (the
"Debentures") on the TSX.
Purchases under the Bid may commence on January 17, 2019 and will terminate on
January 16, 2020 or on such earlier date as the Bid is
complete. Purchases of Debentures will be made through the
facilities of the TSX in accordance with its rules. Purchases under
the Bid may also be made through alternative Canadian trading
platforms. The average daily trading volume of the Debentures for
the previous six calendar months ("ADTV") was $17,824.00 aggregate principal amount of
Debentures. Subject to the TSX's block purchase exception, on any
trading day, purchases under the Bid will not exceed $4,456.00 aggregate principal amount of
Debentures (25% of the ADTV). The price that the Corporation will
pay for any Debentures purchased under the Bid will be the
prevailing market price at the time of purchase. Any Debentures
purchased by the Corporation will be cancelled.
As of January 4, 2019 there was $13,583,000 aggregate principal amount of
Debentures issued and outstanding. The $950,000 aggregate principal amount of
Debentures that may be repurchased under the Bid represents
approximately 10% of the "public float" (as defined in the TSX
Company Manual) of the Corporation's issued and outstanding
Debentures on January 4, 2019.
Pursuant to the Corporation's normal course issuer bid which
commenced on July 4, 2017, and
terminated on July 3, 2018, TerraVest purchased $286,000 aggregate principal amount of its
Debentures at a weighted average price of $116.32 per Debenture.
The Board of Directors of the Corporation has authorized the Bid
because it believes that it is an efficient use of the
Corporation's financial resources to purchase Debentures when the
market price of the Debentures does not fully reflect their
underlying value.
SOURCE TerraVest Industries Inc.