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Firan Technology Group Corporation announced the acceptance by the Toronto Stock Exchange (the TSX) of FTG’s Notice of Intention to Make a Normal Course Issuer Bid (NCIB). Pursuant to the NCIB, FTG is authorized to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 1,224,560 Common Shares, being approximately 5% of its Common Shares outstanding as of April 12, 2022. As of April 12, 2022, 24,491,201 Common Shares of the Corporation were issued and outstanding. Purchases may commence through the TSX on April 22, 2022 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 21, 2023.
Purchases of Common Shares under the NCIB will be made in accordance with TSX by-laws, rules and policies through the facilities of the TSX or through alternative trading systems in Canada permitted by the TSX. All Common Shares purchased by FTG will be cancelled. The price paid for any repurchased Common Shares will be the market price of such Common Shares at the time of acquisition. The average daily trading volume of the Common Shares of the Corporation from the start of trading on October 1, 2021 through March 31, 2022 was 26,186 Common Shares and, accordingly, daily purchases will be limited to 6,546 Common Shares other than block purchase exemptions.
To FTG’s knowledge, none of the directors, officers or other insiders of FTG or any associate of any such persons, or any associate or affiliate of FTG currently intends to sell Common Shares to FTG during the course of the NCIB.
FTG believes that the proposed purchases are in the best interests of FTG and are a desirable use of corporate funds.