ECN Capital Plans Normal Course Issuer Bid for Common Shares



ECN Capital plans to file a notice of intention with the Toronto Stock Exchange (the TSX) to commence a normal course issuer bid for its common shares. If this notice is accepted by the TSX, the bid would permit the company to repurchase for cancellation, at its discretion during the 12 months following such acceptance, up to 10% of the “public float” (calculated in accordance with the rules of the TSX) of the company’s issued and outstanding common shares. All purchases of common shares under the bid will be made on the open market, or as otherwise permitted, subject to the terms and limitations to be applicable to the bid.

The actual number of common shares, if any, that may be repurchased under the bid, and the timing of any such repurchases, will be determined by ECN Capital, subject to the limitations imposed by the TSX. There cannot be any assurance as to how many common shares, if any, will ultimately be acquired by ECN Capital.

The company believes that the bid will be in the best interest of the company and constitute a desirable use of its funds. “I remain very confident in our growth strategy and our ability to successfully redeploy capital. However, this NCIB will enable ECN to opportunistically purchase shares in circumstances where management believes market conditions are favorable for repurchase and pricing represents an optimal use of the company’s capital,” said Steven Hudson, ECN Capital’s CEO.


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