TSX Approves Normal Course Issuer Bid for Intrinsyc Technologies Corp.

Intrinsyc Technologies Corp.

The Toronto Stock exchange has accepted the notice filed by Intrinsyc Technologies Corporation (TSXV:ITC) to go ahead with its Normal Course Issuer Bid – or NCIB – program to purchase, for cancellation, up to 2.4% or 500,000 common shares of Intrinsyc’s issued and outstanding common shares as of September 21,2017. Intrinsyc is a developer of embedded and Internet of Things or loT.

The program is planned to roll out due to the company’s belief that the market price of the common shares may not always fully reflect their value. The NCIB will help the shareholder get an enhanced value when volatility arises.

The NCIB program will run from October 4, 2017 until October 3, 2018. The program may terminate early if the company completes its purchases pursuant to a Notice of Intention filed with the TSX. The company will be able to purchase its common shares at prevailing market rates under the NCIB program. Intrinsyc will decide when and how many shares they will purchase. All transactions must conform with TSX rules, and any common shares purchased by Intrinsyc pursuant to the NCIB will be cancelled.

For the last six months ending on August 31st, the average daily trading volume for the company’s stock was 51,322 common shares. The TSX rules indicate that Intrinsyc will not be able to purchase more than 25% of that daily trading volume average, which works out to a maximum of 12,830 shares.

Intrinsyc will also be able to make a block purchase of shares not directly or indirectly owned by insiders once per calendar week. They will use available cash to fund their common share purchases. The company has not repurchased any of its outstanding shares in the last 12 months.

The company also plans to establish an automatic repurchase plan with its designated broker to allow for purchases of its common shares during certain black-out periods that are pre-determined. Outside of these periods, common shares will be rebought at the company’s leisure, subject to law. The plan can not be terminated during any of the black-out periods and unless the company cannot have non-public information.

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