Khiron Life Sciences Corp. (“Khiron” or the “Company“) (TSXV: KHRN), (OTCQX: KHRNF) , (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe, announces today its intention to renew its prior normal course issuer bid through the facilities of the TSX Venture Exchange (the “TSXV“) to repurchase, for cancellation, up to 8,955,893 common shares of the Company (“Shares“), representing approximately 5% of the Company’s presently issued and outstanding Shares (the “NCIB“). The renewal of the NCIB remains subject to the final approval of the TSXV.
The Company believes that, from time to time, the market price of its Shares does not adequately reflect the Company’s underlying value and future prospects and that, at such times, the purchase of the Company’s Shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value. In accordance with the requirements of the TSXV, the NCIB will commence three clear trading days following the TSXV’s receipt of documentation relating to, and acceptance of, the Company’s Notice of Intention to commence the NCIB.
The NCIB will be conducted on behalf of the Company by Scotia Capital Inc. (the “Broker“). The NCIB will be made through the facilities of the TSXV, and the purchase and payment for the Shares will be made in accordance with TSXV requirements at the market price of the applicable securities at the time of acquisition, plus brokerage fees, if any, charged by the Broker. All securities purchased by the Company under the NCIB will be cancelled. As at the date hereof, the Company has 179,117,068 Shares outstanding.
To the Company’s knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any securities to the Company during the course of the NCIB.
The Company’s prior normal course issuer bid for the purchase of up to 5,830,615 Shares expired on March 3, 2021. Under this bid, the Company purchased for cancellation 511,500 of its outstanding Shares through the facilities of the TSXV, representing approximately 0.4% of its issued and outstanding Shares at the time of commencement of the bid, at a weighted average price of $0.41 per Share for a total cost of $212,389.
A copy of the Company’s Notice of Intention to commence the NCIB filed with the TSXV may be obtained, by any shareholder without charge, by contacting the Company’s Chief Financial Officer, Joel Friedman.
