Elysee Announces Normal Course Issuer Bid
Elysee Development Corp. (TSXV: ELC) announces a normal course issuer bid to repurchase up to 1,418,238 common shares, representing 4.99% of outstanding shares. The bid will run from May 13, 2024, to May 12, 2025. The company believes its shares are undervalued and aims to increase shareholder value. The Bid will be conducted through Research Capital , with purchases made on the open market at prevailing prices. Funding will come from existing working capital.
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Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - Elysee Development Corp. (TSXV: ELC) (the "Company") announces today its intention to make a normal course issuer bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 1,418,238 of its issued and outstanding common shares, being approximately
The Bid will be conducted in accordance with applicable securities laws and the policies of the Exchange. Purchases will be made on the open market through the facilities of the Exchange. The price which the Company will pay for any shares purchased by it will be the prevailing market price of such common shares on the Exchange at the time of such purchase. The purchase of the common shares under the Bid is being funded from existing working capital.
During the previous 12 months, the Company purchased 329,000 of its common shares pursuant to a normal course issuer bid during the previous 12 months. The weighted average price paid per common share was
Management and the directors of the Company believe that the current and recent market price of the Company's common shares does not give full effect to their underlying value and that, accordingly, the purchase of common shares under the Bid will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. Purchases of Bid Shares pursuant to the Bid will also afford an increased degree of liquidity to the Company's shareholders who would like to trade their shares and will serve to stabilize the market price for the Company's shares.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Guido Cloetens
President and CEO
Elysee Development Corp.
Tel: (778) 373-1562
E-mail: info@elyseedevelopment.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the Bid. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208322
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