Westbridge Renewable Launches Normal Course Issuer Bid

Rhea-AI Summary

Westbridge Renewable Energy Corporation has received TSXV approval to initiate a new normal course issuer bid (NCIB) program. The company can purchase up to 5,057,492 shares, representing 5% of its 101,149,851 outstanding shares. The NCIB will run from June 9, 2025 to June 8, 2026, with purchases made through TSXV at prevailing market prices. All repurchased shares will be cancelled and returned to treasury. The Board believes the share buyback represents good use of financial resources and may enhance shareholder value. Westbridge has appointed Canaccord Genuity Corp. to execute the purchases. This follows their previous NCIB program which ended March 20, 2025, under which they repurchased and cancelled 693,800 shares.

Positive

• Company authorized to repurchase up to 5% of outstanding shares (5,057,492 shares)
• Share buyback indicates Board's confidence in company's underlying value
• Previous NCIB program successfully completed with 693,800 shares repurchased
• Company has sufficient cash resources to fund the buyback program

Negative

• Share buyback reduces cash available for business operations and growth initiatives

TORONTO, June 6, 2025 /PRNewswire/ - Westbridge Renewable Energy Corporation (TSXV: WEB), (OTCQX: WEGYF), (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") announces today that the TSX Venture Exchange (the "TSXV") has approved the commencement by Westbridge Renewable of a normal course issuer bid program (the "NCIB").

As of the date hereof, the Company has 101,149,851 common shares (the "Shares") issued and outstanding on a non-diluted basis. A maximum of 5,057,492 Shares may be purchased by the Company under the NCIB, representing approximately 5% of the Company's issued and outstanding Shares. The NCIB commences on June 9, 2025 and will terminate on June 8, 2026, or on an earlier date in the event that the maximum number of Shares sought in the NCIB has been repurchased. Purchases under the NCIB will be made through the facilities of the TSXV at the prevailing market price at the time of purchase and in accordance with all applicable regulations of the TSXV. Any Shares purchased by Westbridge Renewable under the NCIB will be at the market price of the Shares at the time of such purchases. All Shares purchased pursuant to the NCIB will be returned to treasury and cancelled. The actual number of Shares that may be purchased and the timing of any such purchases will be determined by the Company in its sole discretion. The Company reserves the right to suspend or terminate the NCIB at any time. 

The Board of Directors of the Company believes from time to time the market price of its Shares may not fully reflect the underlying value of the Company's business and that the purchase of its Shares represents a good use of its financial resources and may protect and enhance shareholder value. The Company intends to fund the purchases out of available cash.  As previously announced on March 18, 2025, the TSXV had previously approved an NCIB, which commenced on commenced on March 21, 2024, and terminated on March 20, 2025 pursuant to which the Company had repurchased and cancelled 693,800 Shares.

Westbridge Renewable has appointed Canaccord Genuity Corp. to make purchases under the NCIB on its behalf.

About Westbridge Renewable Energy

Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in four key jurisdictions, Canada, the U.S., the U.K., and Italy. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing projects. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its investors with valuable access to greenfield solar projects. This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain, as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

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.

Forward-Looking Statements

Certain information set forth in this document contains forward-looking information and statements including, without limitation, purchases of the Shares made under the NCIB and the timing thereof, the duration of the NCIB, the management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including the duration of the NCIB, the purchases of the Shares if at all, as there is no assurance the NCIB will be completed for the full term or at all. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties relating to Company's ability to obtain regulatory approval or at all. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

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SOURCE Westbridge Renewable Energy Corp.

FAQ

What is the maximum number of shares Westbridge Renewable (WEGYF) can buy under the new NCIB?

Westbridge Renewable can purchase up to 5,057,492 shares, representing 5% of its current 101,149,851 outstanding shares.

When does Westbridge Renewable's (WEGYF) new share buyback program start and end?

The NCIB program starts on June 9, 2025, and ends on June 8, 2026, unless the maximum number of shares is purchased earlier.

How many shares did Westbridge Renewable (WEGYF) repurchase under its previous NCIB program?

Under the previous NCIB program that ended March 20, 2025, Westbridge Renewable repurchased and cancelled 693,800 shares.

Who will execute the share buyback purchases for Westbridge Renewable (WEGYF)?

Westbridge Renewable has appointed Canaccord Genuity Corp. to make purchases under the NCIB on its behalf.

What happens to the shares that Westbridge Renewable (WEGYF) repurchases?

All shares purchased under the NCIB will be returned to treasury and cancelled.