The Elysée announces a normal course issuer bid
Vancouver, British Columbia–(Newsfile Corp. – May 5, 2022) – Elysee Development Corp. CEL QLDN (there “Company“) today announces its intention to launch a normal course issuer bid (the “Offer“) to purchase for cancellation, from time to time, as it sees fit, up to 1,422,030 of its issued and outstanding common shares, representing approximately 4.99% of the currently outstanding common shares of the Company and approximately 6.62% of the public float of the Company (as such term is defined in the policies of the TSX Venture Exchange) (the “To exchange“). The Stock Exchange has approved the launch of the Offer. The Offer will begin on May 11, 2022 and will end on May 10, 2023, or on a date earlier than the end of the Offer or at the option of the Company. The Offer replaces the Company’s normal course issuer bid which expires on May 10, 2022. Research Capital Corporation of Vancouver, British Columbia will conduct the Offer on behalf of the Company.
The offering will be conducted in accordance with applicable securities laws and the policies of the Exchange. Purchases will be made on the open market through the facilities of the Exchange. The price which the Company will pay for shares purchased by it will be the prevailing market price of such common shares on the Stock Exchange at the time of such purchase. The purchase of Common Shares under the Offer is funded from existing working capital. The Company purchased 125,000 of its common shares under a normal course issuer bid within the past 12 months. The weighted average price paid per common share was $0.66. In accordance with Exchange policies, the Company will include a summary of the Offer in the management information circular that will be mailed to shareholders of the Company in respect of its next meeting of shareholders.
The management and directors of the Company believe that, from time to time, the market price of the common shares of the Company may not give full effect to their underlying value and therefore the purchase of shares shares under the Offer will increase the proportionate interest of , and be beneficial to all remaining shareholders. Purchases of Offered Shares pursuant to the Offer will also provide an increased degree of liquidity to shareholders of the Company wishing to trade their shares and will serve to stabilize the market price of the Company’s shares.
FOR MORE INFORMATION, PLEASE CONTACT:
Elysee Development Corp.
Tel: (778) 373-1562
President and CEO
Tel: (778) 985-8011
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.
Caution Regarding Forward-Looking Statements – This press release contains certain forward-looking statements, including statements regarding the Offer. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from the results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by it or on its behalf, except as required by applicable law.
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