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ECN Capital to launch substantial issuer bid for C$115M common shares

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ECN Capital to launch substantial issuer bid for C$115M common shares

ECN Capital Corp. intends to make a substantial issuer bid to purchase for cancellation up to C$115 million of outstanding common shares for cash.

The proposed bid will be conducted as a modified Dutch auction within a price range of not less than C$3.49 per common share and not more than C$3.90 per common share.

ECN Capital plans to fund the proposed bid with a combination of cash drawn on the company's existing credit facility and available cash on hand. The company anticipates that the proposed bid will commence in early March and will complete in mid-to-late April.

When the proposed bid expires, the company will select the lowest purchase price that will allow it to purchase the maximum number of shares properly tendered to the proposed bid, and not properly withdrawn, having an aggregate purchase price not exceeding C$115 million.

If shares with an aggregate purchase price of more than C$115 million are properly tendered and not properly withdrawn, the company will purchase the shares on a pro rata basis. Holders of fewer than 100 shares will not be subject to proration.

The company also expects to suspend its current normal course issuer bid.