Toronto, Ontario–(Newsfile Corp. – October 17, 2022) – Greencastle Resources Ltd. (TSXV: VGN) (“greencastle“or the”Company“) announces the reinstatement of the Company’s normal course issuer bid.
Subject to regulatory approval, the Company will proceed with a normal course issuer bid (the “Offer“). The Offer will relate to a maximum of 4,002,276 ordinary shares (the “Ordinary actions“) in the capital of the Company over a period of one year (the “Offer period“), representing approximately 10% of the issued and outstanding common shares of the Company and 10% of the public float (as such term is defined in the policies of the TSX Venture Exchange (“TSXV“) of the issued and outstanding ordinary shares of the Company, with up to a maximum of ordinary shares that may be purchased over a period of 30 days during the offer period, being 2% of the issued and outstanding ordinary shares of The offer period will begin on October 31, 2022, and will continue until October 30, 2023, or until the date on which the Company acquires the maximum number of common shares that may be purchased under the the Offer, at the earliest date. All Common Shares purchased by the Company pursuant to the Offer will be cancelled.
Management believes that the market price of the Company’s common shares may not fully reflect the value of its business and prospects and, as such, believes that the purchase of its own common shares for cancellation is an appropriate strategy to enhance long-term shareholder value. Purchases will be made through the facilities of the TSXV, and the price at which the Company will purchase its common shares will be the market price of the shares at the time of acquisition.
The Company has appointed Canaccord Genuity Wealth Management as its broker to effect normal course issuer transactions.
For more information, please visit www.greencastle.ltd or contact: Anthony Roodenburg, CEO 416-367-4571 ext. 222.
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. This press release contains forward-looking statements. These statements are based on information currently available to the Company and the Company does not guarantee that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements can be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results relating to, among other things, the results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, as well as the Company’s financial condition and prospects , could differ materially from those currently anticipated in these statements for a number of reasons, including: changes in general economic and financial market conditions; changes in mineral demand and prices; litigation, legislative, environmental and other legal, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the Company’s activities; and other matters discussed in this press release. This list is not exhaustive of the factors that could affect the Company’s forward-looking statements. These and other factors should be carefully considered and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company, except in accordance with applicable securities laws.
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