PsyBio Therapeutics Announces TSXV Approval of Share Buyback Program
PsyBio Therapeutics Corp. (CVE: PSYB)(OTCMKTS: PSYBF), an intellectual property driven biotechnology company researching and developing novel formulations of psychoactive medications produced by genetically modified bacteria for the potential treatment of mental health challenges and other disorders, announces that further to the Company’s press release dated June 1, 2021, the TSX Venture Exchange (the “TSXV“), has accepted the Company’s application for its previously announced normal course issuer bid (the “Share Buyback Program“) for up to 2,983,951 subordinate voting shares in the capital of the Company (the “Shares” or “SVS“), representing five percent of the issued and outstanding SVS.
The Share Buyback Program will commence on June 30, 2021 and will continue until June 29, 2022 (the “Termination Date“) or earlier in the event that the Company has acquired the maximum number of SVS that it may purchase under the Share Buyback Program or if the Company determines that it is appropriate to terminate the Share Buyback Program prior to the Termination Date. PsyBio reserves the right to revoke the Share Buyback Program earlier if it determines that it is appropriate to do so, and purchases may be suspended at any time.
The actual number of Shares that will be purchased under the Share Buyback Program, if any, and the timing of such purchases will be determined by the Company from time to time. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of the Shares, regulatory requirements and other corporate considerations. All purchases made pursuant to the Share Buyback Program will be made through the facilities of the TSXV in open market transactions or by such other means as may be permitted under applicable securities laws and the policies of the TSXV. All Shares purchased under the Share Buyback Program will be cancelled.
The Company has engaged Haywood Securities Inc. (“Haywood“) as the broker through which the Company will conduct purchases under the Share Buyback Program, which purchases will be completed pursuant to the policies of the TSXV. The Company and Haywood have entered into a dealer agreement and automatic share purchase plan outlining the terms upon which the Share Buyback Program will be conducted. The price that the Company will pay for the Shares purchased under the Share Buyback Program, if any, will be the prevailing market price of such Shares at the time of the applicable purchases.
Management of the Company and the board of directors of the Company, believe that the current market price of the Shares does not adequately reflect their value and that the purchase of Shares under the Share Buyback Program is in the best interests of the Company, a desirable use of its available cash, and will enhance shareholder value in general. To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any Shares under the Share Buyback Program.
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