Westbridge Renewable Launches Normal Course Issuer Bid

Rhea-AI Summary

Westbridge Renewable Energy (WEGYF) initiates a normal course issuer bid program to repurchase up to 5% of its outstanding shares, aiming to enhance shareholder value.

Positive

• Westbridge Renewable Energy (WEGYF) is taking proactive steps to enhance shareholder value by initiating a normal course issuer bid program.
• The Company plans to repurchase up to 4,962,722 common shares, representing approximately 5% of its outstanding shares, through the NCIB.
• Purchases under the NCIB will be made at the prevailing market price through the facilities of the TSX Venture Exchange.
• Westbridge Renewable intends to fund the share repurchases using available cash resources, believing it to be a sound utilization of financial resources.
• Canaccord Genuity Corp. has been appointed to facilitate share purchases on behalf of Westbridge Renewable under the NCIB.

Negative

• None.

TORONTO, March 18, 2024 /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 99,254,451 common shares (the "Shares") issued and outstanding. A maximum of 4,962,722 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 March 21, 2024, and will terminate on March 20, 2025, 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. 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 terminate the NCIB at any time.

The Board of Directors of the Company believes 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.

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 three key jurisdictions, Canada, the U.S., and the UK. 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 permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded 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.

For more information, please visit: www.westbridge.energy | Twitter | LinkedIn 

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/westbridge-renewable-launches-normal-course-issuer-bid-302090763.html

SOURCE Westbridge Energy Corporation

FAQ

What is the purpose of Westbridge Renewable Energy (WEGYF) initiating the normal course issuer bid program?

The purpose is to repurchase up to 5% of the Company's outstanding shares in an effort to enhance shareholder value.

How many common shares does Westbridge Renewable Energy (WEGYF) plan to repurchase under the NCIB?

The Company plans to repurchase up to 4,962,722 common shares, representing approximately 5% of its outstanding shares.

How will the share purchases be funded by Westbridge Renewable Energy (WEGYF)?

The share purchases will be funded using available cash resources of the Company.

Who has been appointed by Westbridge Renewable Energy (WEGYF) to facilitate share purchases under the NCIB?

Canaccord Genuity Corp. has been appointed to facilitate share purchases on behalf of Westbridge Renewable under the NCIB.