MISSISSAUGA, ON, June 30,
2022 /CNW/ - Covalon Technologies Ltd. (TSXV: COV)
(OTCQX: CVALF) (the "Company" or "Covalon"), an advanced medical
technologies company, today announced that it has entered into an
automatic share purchase plan (the "Plan") with PI Financial Corp.
(the "Broker") in order to facilitate repurchases of the Company's
common shares (the "Shares") under its previously announced normal
course issuer bid (the "NCIB"). The ASPP has been approved by the
TSX Venture Exchange (the "TSXV") and will be implemented effective
as of June 29, 2022.
Under the ASPP, the Broker may purchase Shares under the NCIB at
times when the Company would ordinarily not be permitted to do so
due to blackout periods or such other periods when the Company may
be precluded from purchasing Shares. Such repurchases will be
carried out by the Broker based on trading parameters established
by the Company prior to the commencement of the restricted trading
period in accordance with the terms of the ASPP, applicable
securities laws and the rules and policies of the TSXV. Outside of
these restricted trading periods, the Company may at its discretion
effect repurchases of its Common Shares through the Broker under
the NCIB.
The NCIB commenced as of June 1,
2022. Pursuant to the NCIB, the Company may, if considered
advisable, purchase up to a maximum of 1,296,433 Shares for
cancellation through the facilities of the TSXV from time to time
until the earlier of: (a) May 31,
2023; and (b) the date in which the maximum number of Shares
purchasable under the NCIB have been acquired by the Company.
To learn more about Covalon, please contact:
Brian Pedlar, CEO, Covalon
Technologies Ltd.
Email: bpedlar@covalon.com
Phone: 905.568.8400 x 233
Toll-Free: 1.877.711.6055
Website: www.covalon.com
Twitter: @covalon
About Covalon
Covalon Technologies Ltd. is a
researcher, developer, manufacturer, and marketer of
patent-protected medical products that improve patient outcomes and
save lives in the areas of advanced wound care, infection
management and surgical procedures. Covalon leverages its patented
medical technology platforms and expertise in two ways: (i) by
developing products that are sold under Covalon's name; and (ii) by
developing and commercializing medical products for other medical
companies under development and license contracts. The Company is
listed on the TSX Venture Exchange, having the symbol COV and
trades on the OTQX Market under the symbol CVALF. To learn
more about Covalon, visit our website at www.covalon.com
Neither 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 news release may contain assumptions, estimates, and
other forward-looking statements regarding future events. Such
forward-looking statements involve inherent risks and uncertainties
and are subject to factors, many of which are beyond the Company's
control that may cause actual results or performance to differ
materially from those currently anticipated in such
statements.
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SOURCE Covalon Technologies Ltd.