TORONTO, June 19, 2023 -- Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) ("Base Carbon", or the "Company"), a financier of emission reduction, removal, and related climate action projects, announced today that the Neo Exchange (“NEO”) has approved the Company’s renewed normal course issuer bid (“NCIB”) to purchase, for cancellation, up to 7,974,471 of Base Carbon’s common shares (“Common Shares”).
The Company’s current normal course issuer bid ended on June 16, 2023, and pursuant to the renewed NCIB, Base Carbon may purchase over a period of 12 months starting June 21, 2023, and ending June 20, 2024, up to 7,974,471 Common Shares representing approximately 6.6% of the total 121,108,302 issued and outstanding Common Shares and 10% of the Company’s public float as of June 9, 2023. On any given day during the NCIB, Base Carbon may purchase up to 14,678 Common Shares which is equivalent to 25% of the average daily trading volume of 58,713 for the previous six months, which excludes purchases made under the current normal course issuer bid. Block trades for a greater number of Common Shares may be made once per calendar week.
Purchases under the NCIB may commence as of June 21, 2023 and will end on the earlier of: (i) June 20, 2024; or (ii) the date on which Base Carbon has purchased the maximum number of Common Shares which may be acquired under the NCIB. The purchases made will be done in accordance with the rules of the NEO, through the facilities of the NEO or through alternative trading systems. The actual number of Common Shares which will be purchased, and the timing and price of such purchases will be determined by the Company in accordance with the NEO Listing Manual and guidelines. Common Shares purchased under the NCIB will be returned to treasury for cancellation. As of June 9, 2023, the Company had purchased 7,296,378 Common Shares under its existing NCIB.
The Board of Directors of the Company believes that the market price of the Common Shares may from time to time not reflect the underlying value of Base Carbon, including its growth opportunities, and that the proposed purchasing of its Common Shares through the NCIB is in the best interests of the Company and represents an appropriate use of corporate funds.
About Base Carbon
Base Carbon provides capital, development expertise and management operating resources to projects involved in the voluntary carbon markets. The Company seeks to be the preferred carbon project partner in providing capital and developmental resources to carbon projects globally and, where appropriate, will endeavour to utilize technologies within the evolving carbon industry to enhance efficiencies, commercial credibility, and trading transparency. For more information, please visit www.basecarbon.com.
Media and Investor Inquiries
Base Carbon Inc.
Tel: +1 647 952 3979
Michael Costa, Chief Executive Officer, and Ryan Hornby, Chief Legal Officer are responsible for this press release.
Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws with respect of the Company, including but not limited to, statements relating to the purchase of Common Shares under the NCIB and the focus of Base Carbon’s business. In some cases, but not necessarily in all cases, forward-looking information may be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” or variations of such words and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Statements about, among other things, the purchase of Common Shares under the NCIB and Base Carbon’s strategic plans are all forward-looking information. These statements should not be read as guarantees of future performance, results, or achievements.
Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking information are based upon reasonable assumptions and expectations, readers should not place undue reliance on forward-looking information because it involves assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking information.
The forward-looking statements made herein are subject to a variety of risk factors and uncertainties, many of which are beyond the Company’s control, which could cause actual events or results to differ materially and adversely from those reflected in the forward-looking statements. Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities (and available on www.sedar.com) for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Should one or more of the risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially and adversely from those described in the forward-looking information. The forward-looking information contained in this press release is provided as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.