VANCOUVER, BC, Dec. 9, 2024
/CNW/ - BQE Water Inc. (TSXV: BQE) (the "Company"), a
leader in the treatment and management of mine impacted waters, has
obtained the approval of the TSX Venture Exchange (the "TSXV") to
renew its normal course issuer bid (the "NCIB") for a portion of
its issued and outstanding common shares (the "Shares") as
appropriate opportunities arise from time to time.
The Board believes, from time to time, the market price of the
Company's Shares does not adequately reflect the Company's
intrinsic value and future prospects and that the repurchase of
Company's Shares represents an attractive investment and an
advantageous use of the Company's financial resources. The Company
expects the repurchase of Shares will benefit shareholders by
increasing their equity interest in the Company.
Pursuant to the NCIB notice filed with TSXV, the Company intends
to repurchase for cancellation up to 64,120 Shares, representing
approximately 5% of Shares as of December 2,
2024, over a 12-month period starting December 14, 2024 to December 13, 2025 unless the maximum amount of
Shares is purchased before then or the Company provides earlier
notice of termination. The NCIB is also subject to a maximum of
25,648 Shares during any 30-day period, which is equal to 2% of
Shares as of December 2, 2024. As of
December 2, 2024, the Company had
1,282,401 issued and outstanding Shares.
The Company has again engaged Raymond James Ltd. to act as its
broker (the "Broker") for purchases under the renewed NCIB. The
Shares will be purchased through the facilities of the TSXV at the
prevailing market price at the time of acquisition. Payment for the
Shares will be made from the Company's existing working capital.
The Broker will determine the timing of these purchases in its sole
discretion based on purchasing parameters set by the Company and
subject to the policies of the TSXV and applicable securities laws.
All Shares purchased by the Company under the NCIB will be
cancelled.
Under its current NCIB, which expires on December 13, 2024, the Company received approval
from the TSXV to purchase for cancellation a total of 62,351 Shares
of which, as at the close of business on December 2, 2024, 200 Shares have been purchased
by the Company at a weighed average price of $30.00 per Share.
There can be no assurance as to the precise number of Shares or
the aggregate dollar amount that will be repurchased under the
NCIB. To the Company's knowledge, none of the directors, senior
officers or insiders of the Company, or any associate of such
person, has any present intention to sell any securities to the
Company during the course of the NCIB.
About BQE Water
BQE Water is a service provider specializing in water treatment
and management for metals mining, smelting and refining.
We are helping to transform the way the industry thinks about
water in the context of natural resource projects by offering
services and expertise which enables more sustainable water
management practices and improved overall project performance at
reduced risks. BQE Water invests in innovation and has developed
unique intellectual property through the commercialization of
several new technologies at mine sites around the world for
organizations including Glencore, Jiangxi Copper, Freeport-McMoRan
and the US EPA. BQE Water is headquartered in Vancouver, Canada and trades on the TSX
Venture Exchange under the symbol BQE. Visit www.bqewater.com for
more information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on
historical fact and therefore constitutes "forward-looking
information" under applicable Canadian securities legislation. This
includes without limitation statements containing the words "plan",
"expect", "project", "estimate", "intend", "believe", "anticipate",
"may", "will" and other similar words or expressions.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks, uncertainties and other factors that may
cause actual events or results to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause or contribute to such differences include, but are
not limited to, the Company's dependence on key personnel and
contracts, uncertainty with respect to the profitability of the
Company's technologies, competition, technology risk, the Company's
ability to protect its intellectual property and proprietary
information, fluctuations in commodity prices, currency risk,
environmental regulation and the Company's ability to manage growth
and other factors described in the Company's filings with the
Canadian securities regulators at www.sedarplus.ca (including
without limitation the factors described in the section entitled
"Risks and Uncertainties" in the Company's MD&A for the year
ended December 31, 2023). Given these
risks and uncertainties, the reader is cautioned not to place undue
reliance on forward-looking statements. All forward-looking
information contained herein is based on management's current
expectations and the Company undertakes no obligation to revise or
update such forward-looking information to reflect subsequent
events or circumstances, except as required by law.
SOURCE BQE Water Inc.
