FORT ST. JOHN, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Macro Enterprises Inc. (TSXV:MCR) (the “Company” or “Macro”) announces that it has made application to the TSX Venture Exchange (“TSXV”) for approval to proceed with a normal course issuer bid for up to 1,500,000 common shares of the Company, which is approximately 5% of the Company’s 30,252,517 issued shares as of today’s date.
Subject to TSXV approval, the Company’s normal course bid will commence December 23, 2017. Purchases will be made on the TSXV at the market price at the time of acquisition. The Company’s renewed normal course issuer bid will terminate on December 22, 2018 or earlier if the number of shares sought in the issuer bid has been obtained. The Company reserves the right to terminate the bid earlier at any time.
The normal course issuer bid will be conducted through PI Financial, 1900-666 Burrard Street, Vancouver, BC, V6C 3N1.
The Company will purchase common shares when it believes that they are undervalued at the current market prices based on its current earnings and future prospects and provided that the repurchase of common shares at such market prices is an appropriate use of corporate funds. The Company has not determined a maximum price it will pay as the price will be determined in the context of the market and the outlook for the Company’s operations.
All shares will be purchased on the open market through the facilities of the TSXV and payment for the shares will be in accordance with TSXV policies. The shares purchased by the Company will be cancelled. The Company will periodically report its purchases as required by regulatory policy. To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the TSXV may occur if the personal circumstances of any such person changes, or any such person makes a decision unrelated to these normal course purchases. The terms of sale for any insider would be identical to those available to all other holders whose shares are purchased.
In the past 12 months, the Company has purchased a total of 120,900 common shares at an average cost of $1.85 per share under its previous normal course issuer bid, which commenced on December 23, 2016.
The Company
Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company’s corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company’s principal operations can be found at www.macroindustries.ca.
Forward-Looking Statements
This document contains “forward-looking statements” that are based on Macro’s intentions, subject to TSXV approval, to repurchase shares pursuant to a normal course issuer bid. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Macro’s intentions with respect to the repurchase of its shares, may change at any time and there is no guarantee that the targeted number of shares or any shares will be repurchased.
| For further information please contact: | ||
| Frank Miles President and C.E.O. Phone: (250) 785-0033 | Jeff Redmond C.F.O. (250) 785-0033 | |
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.