Wildpack Announces Normal Course Issuer Bid
Wildpack Beverage Inc. (OTC: WLDPF) announced the acceptance of its Normal Course Issuer Bid (NCIB) by the TSX Venture Exchange, allowing the company to repurchase up to 5,049,096 common shares over a 12-month period starting March 3, 2022. This represents 5% of Wildpack's outstanding shares as of February 28, 2022. CEO Mitch Barnard expressed confidence that the current share price does not reflect Wildpack's true value. Purchases will be conducted by Stifel Nicolaus Canada Inc., with shares bought under this NCIB returned to treasury for cancellation.
- Implementation of NCIB could enhance shareholder value.
- Repurchase reflects management's belief in undervalued shares.
- No prior share repurchases reported in the last twelve months.
VANCOUVER, BC, Feb. 28, 2022 /PRNewswire/ - Wildpack Beverage Inc. (TSXV: CANS) (OTC: WLDPF) ("Wildpack") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted its Notice of Intention to implement a Normal Course Issuer Bid ("NCIB") to be transacted through the facilities of the Exchange or by such other means as may be permitted under applicable securities laws during the term of the NCIB.
Mitch Barnard, Chief Executive Officer said, "We believe the shares trade in a range that presents an attractive use of our capital and do not reflect the current value of Wildpack's production and financial assets and the business prospects for our future."
Pursuant to the NCIB, Wildpack may, during the 12-month period commencing March 3, 2022, and ending March 2, 2023, purchase up to 5,049,096 Common Shares (the "Shares"), being up to
The price which Wildpack will pay for any such Shares will be the prevailing market price at the time of acquisition. The number of Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by management. Purchases under the NCIB will be made from time to time by Stifel Nicolaus Canada Inc. on behalf of Wildpack. All Shares purchased pursuant to the NCIB will be returned to treasury for cancellation.
The Board of Directors of Wildpack is implement the NCIB because it believes, from time to time, the market price of the Shares may not fully reflect the underlying value of Wildpack's business and its future prospects. Accordingly, Wildpack believes purchasing its common shares may represent an appropriate and desirable use of corporate funds and represents an opportunity to enhance shareholder value. Wildpack has not purchased any of its common shares in the previous twelve-month period.
A copy of the notice filed with the Exchange may be obtained, by any shareholder without charge, by contacting the Company's Vice President of Investor Relations, Elijah Clare.
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
Advisors
Stifel GMP is financial advisor to Wildpack Beverage Inc., Fasken Martineau DuMoulin LLP is its legal advisor.
Visit our investor website at:
https://investor.wildpackbev.com
About Wildpack
Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing sustainable aluminum can filling, decorating, and brokering services to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of facilities in Baltimore, Maryland, Grand Rapids, Michigan, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on May 19, 2021, on the TSX Venture Exchange under the symbol "CANS.V" and commenced trading on February 23, 2022, on the OTCQB® Venture Market under the symbol "WLDPF".
Cautionary Statement on Forward Looking Information
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of integration. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Wildpack Beverage Inc.
FAQ
What is Wildpack Beverage Inc.'s NCIB?
When does Wildpack's NCIB period start?
How many shares can Wildpack repurchase under the NCIB?
Who will conduct the share repurchases for Wildpack?
Why does Wildpack believe the NCIB is beneficial?
