Nickel 28 Announces Share Buyback Purchases Under Normal Course Issuer Bid
Rhea-AI Summary
Nickel 28 Capital Corp. (TSXV: NKL) has announced the purchase of 129,500 common shares for C$91,070 under its TSXV-approved normal course issuer bid (NCIB) up to September 6, 2024. Since August 9, 2024, a total of 359,500 shares have been bought back. The company views this as the best use of capital in the current challenging nickel and cobalt price environment, aiming to create shareholder value by reducing outstanding shares. Purchases are made on the open market through the TSXV or alternative Canadian trading systems. An automatic purchase plan has been implemented to allow share buybacks during blackout periods. As of September 6, 2024, Nickel 28 had 89,842,222 common shares issued and outstanding.
Positive
- Reduction of outstanding shares, potentially increasing shareholder value
- Implementation of an automatic purchase plan for consistent buybacks
- Strategic use of capital in a challenging market environment
Negative
- Challenging nickel and cobalt price environment affecting the company
- Allocation of C$91,070 for share buybacks instead of other potential investments
News Market Reaction
On the day this news was published, CONXF declined 1.23%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - September 10, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") is pleased to announce that under the Company's TSX Venture Exchange (the "TSXV") approved normal course issuer bid ("NCIB"), it has purchased 129,500 Nickel 28 common shares, for aggregate consideration of C
"We are pleased to announce the share buyback of Nickel 28 common shares, up to September 6, 2024," stated Christopher Wallace, President & Chief Executive Officer of the Company. "It is still our view that the best use of capital in this difficult nickel and cobalt price environment, is to lower the share capital issued and outstanding by utilizing the NCIB, as an on-going first step to creating shareholder value in a difficult market," he said.
All common shares purchased by Nickel 28 under the NCIB have been purchased on the open market through the facilities of the TSXV or alternative Canadian trading systems, in open market transactions or by such other means as may be permitted under applicable securities laws. The actual number of common shares which may be purchased, and the timing of such purchases, will be determined by Nickel 28. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors as determined by the Board from time to time. Nickel 28 has implemented an automatic purchase plan which will allow for the purchase for cancellation of common shares, subject to certain trading parameters, by Haywood Securities Inc. during times when Nickel 28 would ordinarily not be active in the market due to applicable securities regulatory restrictions or self-imposed blackout periods. Outside of these periods, the common shares will be repurchased by Nickel 28 at its discretion under the NCIB.
As of September 6, 2024, the Company had 89,842,222 common shares issued and outstanding and the recent NCIB purchases in this release are not reflected in the above number.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: statements with respect to the NCIB and related automatic share purchase plan (including relating to the number of common shares to be repurchased); statements with respect to the net asset value of the Company; and statements with respect to the business and assets of Nickel 28 and its strategy going forward. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.
Investor Relations Contact Information:
Nickel 28 Investor Relations
Attn: Brett A. Richards, Director
Tel: +1 905 449 1500
Email: info@nickel28.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222799
FAQ
How many shares has Nickel 28 (TSXV: NKL) purchased under its NCIB as of September 6, 2024?
Why is Nickel 28 (TSXV: NKL) conducting a share buyback program?
How does Nickel 28 (TSXV: NKL) execute its share buyback program?
How many common shares did Nickel 28 (TSXV: NKL) have outstanding as of September 6, 2024?
