VANCOUVER, BC, Dec. 6, 2023
/CNW/ - BQE Water Inc. (TSXV: BQE) (the "Company"), a
leader in the treatment and management of mine impacted waters, has
obtained the approval of the TSX Venture Exchange (the "TSXV") to
renew its normal course issuer bid (the "NCIB") for a portion of
its issued and outstanding common shares (the "Shares") as
appropriate opportunities arise from time to time.
The Board believes, from time to time, the market price of the
Company's Shares does not adequately reflect the Company's
intrinsic value and future prospects and that the repurchase of
Company's Shares represents an attractive investment and an
advantageous use of the Company's financial resources. The Company
expects the repurchase of Shares will benefit shareholders by
increasing their equity interest in the Company.
Pursuant to the NCIB notice filed with TSXV, the Company intends
to repurchase for cancellation up to 62,351 Shares, representing
approximately 5% of Shares as of November
29, 2023, over a 12-month period starting December 13, 2023 to December 13, 2024 unless the maximum amount of
Shares is purchased before then or the Company provides earlier
notice of termination. As of November 29,
2023, the Company had 1,247,028 issued and outstanding
Shares.
The Company has engaged Raymond James Ltd. to act as its broker
(the "Broker") for purchases under the renewed NCIB. The Shares
will be purchased through the facilities of the TSXV at the
prevailing market price at the time of acquisition. Payment for the
Shares will be made from the Company's existing working capital.
The Broker will determine the timing of these purchases in its sole
discretion based on purchasing parameters set by the Company and
subject to the policies of the TSXV and applicable securities laws.
All Shares purchased by the Company under the NCIB will be
cancelled.
Under its current NCIB, which expires on December 12, 2023, the Company received approval
from the TSXV to purchase for cancellation a total of 62,556 Shares
of which, as at the close of business on November 30, 2023, 13,100 Shares have been
purchased by the Company at a weighed average price of $28.38 per Share.
There can be no assurance as to the precise number of Shares or
the aggregate dollar amount that will be repurchased under the
NCIB. To the Company's knowledge, none of the directors, senior
officers or insiders of the Company, or any associate of such
person, has any present intention to sell any securities to the
Company during the course of the NCIB.
About BQE Water
BQE Water is a service provider
specializing in water treatment and management for metals mining,
smelting and refining. We are helping to transform the way the
industry thinks about water in the context of natural resource
projects by offering services and expertise which enables more
sustainable water management practices and improved overall project
performance at reduced risks. BQE Water invests in innovation and
has developed unique intellectual property through the
commercialization of several new technologies at mine sites around
the world for organizations including Glencore, Jiangxi Copper,
Freeport-McMoRan and the US EPA. BQE Water is headquartered in
Vancouver, Canada and trades on
the TSX Venture Exchange under the symbol BQE. Visit
www.bqewater.com for more information.
The Toronto Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or the accuracy of this
release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on historical
fact and therefore constitutes "forward-looking information" under
applicable Canadian securities legislation. This includes without
limitation statements containing the words "plan", "expect",
"project", "estimate", "intend", "believe", "anticipate", "may",
"will" and other similar words or expressions. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of
risks, uncertainties and other factors that may cause actual events
or results to differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, the
Company's dependence on key personnel and contracts, uncertainty
with respect to the profitability of the Company's technologies,
competition, technology risk, the Company's ability to protect its
intellectual property and proprietary information, fluctuations in
commodity prices, currency risk, environmental regulation and the
Company's ability to manage growth and other factors described in
the Company's filings with the Canadian securities regulators at
www.sedarplus.ca (including without limitation the factors
described in the section entitled "Risks and Uncertainties" in the
Company's MD&A for the year ended December 31, 2022). Given these risks and
uncertainties, the reader is cautioned not to place undue reliance
on forward-looking statements. All forward-looking information
contained herein is based on management's current expectations and
the Company undertakes no obligation to revise or update such
forward-looking information to reflect subsequent events or
circumstances, except as required by law.
SOURCE BQE Water Inc.