The Toronto Stock Exchange approved ECN Capital Corp.'s notice of intention to commence a normal course issuer bid.
The company may repurchase up to 22,228,161 of its common shares on the open market, representing approximately 10% of the public float of the common shares. As of Aug. 7, ECN Capital had 240,086,806 issued and outstanding common shares and a public float of 222,281,619 common shares.
ECN Capital may buy common shares from Aug. 20 to Aug. 19, 2020, or until the completion of purchases under the bid. Daily purchases on exchange pursuant to the bid will be limited to 125,331 common shares, other than purchases made according to the block purchase exception.
The company will use existing cash resources to fund the bid. Any shares repurchased under the bid will be canceled.
Under a previous normal course issuer bid, which expired July 4, ECN Capital purchased 23,716,293 common shares on the open market at an average price of C$3.59 per share.
