CALGARY, Alberta, March 10, 2022 (GLOBE NEWSWIRE) — Black Diamond Group Limited (“Black Diamond“or the”Company”) announces that it has obtained the approval of the Toronto Stock Exchange (the “TSX”) to renew its normal course issuer bid (theORCN“) in respect of its common shares (the “Ordinary actions”). The issuer bid will begin on March 14, 2022 and will end on March 13, 2023, the date on which the Company purchased the maximum number of common shares authorized under the issuer bid or the date on which the issuer bid ends.
Pursuant to the issuer bid, the Company may, over a 12-month period commencing March 14, 2022, purchase in the normal course of business through the facilities of the TSX or other trading systems, if eligible, up to 4,324,520 common shares, such amount representing 10% of the public float of common shares and approximately 7% of the 59,366,430 common shares issued and outstanding. In addition, subject to certain exemptions for block purchases, the maximum number of Common Shares that the Company may acquire during a single trading day is 15,574 Common Shares, such amount representing 25% of the daily volume average transactions in common shares of 62,294 for the six calendar months before the start of the takeover bid. All common shares purchased by the Company pursuant to the issuer bid will be cancelled.
Black Diamond’s management believes that from time to time the market price of the common stock may not fully reflect the underlying value of the common stock and that at that time the purchase of the common stock represents a attractive investment value and would be in Black Diamond’s best interests. The purchase of common stock by Black Diamond will increase the proportionate ownership of all remaining shareholders and will benefit them.
During the Company’s previous issuer bid, which ended on January 14, 2022, the Company obtained approval to purchase 4,208,716 common shares and purchased 69,260 common shares at an average price weighted approximately $3.61 per common share through the TSX and other trading systems.
The Company has retained the services of Raymond James Ltd. to act as a broker and to administer the OPRA.
About Black Diamond Group
Black Diamond is an industrial rental and services company with two operating units – Modular Space Solutions (MSS) and Workforce Solutions (WFS). We operate in Canada, the United States and Australia. MSS through its main brands, BOXX Modular, Britco, MPA and Schiavi, has a large rental fleet of modular buildings of different types and sizes. Its network of local branches rents, sells, services and provides ancillary products and services to a diverse customer base in the construction, industrial, education, finance and government sectors. WFS, through its primary brands, Black Diamond Camps and Black Diamond Energy Services, has an extensive rental fleet of modular accommodation assets of all types and sizes and a fleet of liquid containment assets and solid. Its regional operating terminals lease, sell, service and supply ancillary products and services, including turnkey operated camps, to a wide range of customers in the resource, infrastructure, construction, recovery disaster recovery and education. The WFS business unit also includes the Company’s wholly-owned subsidiary, LodgeLink, which operates a digital marketplace for business-to-business lodging, travel and crew logistics in North America.
Learn more at www.blackdiamondgroup.com.
Investor and Media Inquiries
Jason Zhang at 403-206-4739 or [email protected]. To subscribe to news alerts, go to https://www.blackdiamondgroup.com/investor-centre/news-alerts-subscription/.
Caution Regarding Forward-Looking Statements
Certain information contained in this press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”. , “continues”, “plans” or similar terminology. Forward-looking statements in this press release include, but are not limited to, statements regarding expectations or intentions regarding potential future purchases of common stock under the issuer bid. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions upon which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations or assumptions will prove to be correct. Readers are cautioned that assumptions used in the preparation of these statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond Black Diamond’s control. These risks include, but are not limited to: the impact of general economic conditions, industry conditions, commodity price fluctuations and stock market volatility. The risks described above should not be construed as exhaustive. Additional information about these and other factors that could affect Black Diamond’s operations and financial results are included in Black Diamond’s Annual Information Form for the year ended December 31, 2021 and other reports filed with Canadian authorities. securities that can be viewed on SEDAR. Readers are cautioned not to place undue reliance on these forward-looking statements. Further, the forward-looking statements contained in this press release are made as of the date of this press release and Black Diamond undertakes no obligation to update or revise any of the forward-looking statements, except as may be required. by applicable securities. laws.