Yorkton Equity Group Inc. Announces Normal Course Issuer Bid for Common Shares
Edmonton, AB - TheNewswire - January 27, 2023 - Yorkton Equity Group Inc. (“Yorkton” or the “Company”) (TSXV:YEG) announces its has received TSX Venture Exchange (the “Exchange”) approval to commence a normal course issuer bid (the “NCIB”) through the facilities of the Exchange to repurchase, for cancellation, up to an aggregate of 5,633,871 common shares of the Company (“Common Shares”), representing approximately 5% of the outstanding Common Shares. The funds used to repurchase the Common Shares under the NCIB will only come from cash provided by operating activities of the Company.
The NCIB is expected to commence on January 27, 2023 and will terminate upon the earliest of (i) the Company purchasing 5,633,871 Common Shares, (ii) the Company providing notice of termination of the NCIB, and (iii) on January 26, 2024.
The Company believes that, from time to time, the market price of its common shares does not adequately reflect the Company’s underlying value and future prospects such that having the ability to purchase the Company’s common shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value.
The Company has engaged Independent Trading Group (ITG), Inc. to act as its broker for the NCIB (the “Broker”). The NCIB will be made through the facilities of the Exchange and the purchase and payment for the Common Shares will be made from the Company’s cash that has been generated by its operating activities, at the market price of the Common Shares at the time of acquisition (plus brokerage fees, if any, charged by the Broker). All Common Shares purchased by the Company under the NCIB will be cancelled.
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 NCIB.
A copy of the Form 5G – Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the Exchange in respect of the NCIB can be obtained from the Company upon request without charge.
Yorkton Equity Group Inc. is a growth-oriented real estate investment company committed to providing shareholders with growing assets through accretive acquisitions, organic growth, and the active management of multi-family rental properties with significant upside potential. Our current geographical focus is in secondary markets in Alberta and British Columbia with diversified and growing economies, and strong population in-migration. Our business objectives are to achieve growing Net Operating Income (“NOI”) as well as Net Asset Value (“NAV”) in our multi-family rental property portfolio in strategic markets across Canada.
The management team at Yorkton Equity Group Inc. has well over 30 years of real estate experience in acquiring and managing rental assets.
Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR website at www.sedar.com.
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.
For further information on Yorkton, please contact:
Ben Lui, CEO - Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. – Shareholder Communications: (780) 907-5263
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of Yorkton. Forward-looking information is based on certain key expectations and assumptions made by the management of Yorkton. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yorkton can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirement.