/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISTRIBUTION IN UNITED STATES/
TORONTO and MARSEILLE, France, September 30, 2022 /CNW/ – Foraco International SA (TSX: FAR) (the “Company” or “Foraco”) today announced that the Toronto Stock Exchange (the “TSX”) has agreed to file the Company’s notice of an issuer bid in the Ordinary Course of Business (the “OPRCNA”) to be traded through the facilities of the TSX and/or through alternative trading systems.
Pursuant to the issuer bid, Foraco may purchase up to 1,000,000 of its common shares (the “Shares”) representing approximately 1.0% of the total of 99,251,798 common shares of the Company issued and outstanding at September 292022. Purchases will be made at prevailing market prices from October 4, 2022 and ending October 32023. In accordance with TSX policies, daily purchases will not exceed 2,542 common shares, except for bulk purchases.
At the previous NCIB which started September 20, 2021 and finished September 19, 2022, Foraco has sought and received approval from the TSX to purchase 1,000,000 of its common shares. The Company purchased 685,472 common shares during this period and the weighted average price of the shares purchased was $2.02 BODY. The securities were repurchased through the TSX and alternative trading systems. The average daily trading volume for the six-month period to September 2022 was 10,168 common shares.
The Company has retained the services of M Partners Inc. (“M Partners”) as broker under an automatic share purchase plan to make purchases under the issuer bid. During the term of the automatic share purchase plan, the Company will not release any material undisclosed information to M Partners’ trading staff, and accordingly, M Partners may make purchases whether a blackout period is in effect. effective or there is material undisclosed information. on the Company at the time the purchases are made.
The Company intends to hold the Shares until they must be transferred to employees to satisfy the Company’s obligations under the grants made by Foraco to its employees under the free share plans of the Company.
A copy of the Company’s notice filed with the TSX may be obtained, free of charge, by any shareholder by contacting the Vice-Chief Executive Officer and Chief Financial Officer of Foraco, Jean-Pierre Charmensat.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”) or any state securities law and may not be offered or sold in United States or to US Persons, unless they are registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Foraco International SA (TSX: FAR) is a world-leading drilling services company that provides turnkey solutions for mining, power, water and infrastructure projects. Backed by its founding values of integrity, innovation and involvement, Foraco has become the world’s 3rd largest drilling company with operations in 22 countries on five continents. For more information about Foraco, visit www.foraco.com.
Caution Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. Such statements and information include estimates, forecasts, information and statements about management’s expectations regarding, among other things, the Company’s future financial or operating performance and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as “may”, “will”, “should”, “plan”, “expect”, “intend”. of”, “anticipate”, “believe”, “budget” and “planned” or the negative thereof or variations thereof or similar terminology. Forward-looking statements and information are necessarily based on a number of estimates and assumptions which, although considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 30, 2022which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing caveats.
SOURCEForaco International SA
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