CALGARY, Alberta, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Top Strike Resources Corp. d.b.a. Vencanna Ventures Inc. ("Vencanna" or the "Corporation") (CSE: VENI) announces its intention to commence a normal course issuer bid (the "Bid"). Under the Bid, the Corporation may purchase up to 5% of the Corporation's issued and outstanding common shares ("Shares"). The Bid is expected to commence no sooner than September 16, 2019, and will terminate on the earlier of one year from commencement of the Bid or on the date on which the maximum number of Shares that can be acquired pursuant to the Bid have been purchased. The Corporation reserves the right to revoke the Bid earlier if it determines that it is appropriate to do so. The actual number of Shares that may be purchased under the Bid and the timing of any such purchases will be determined by the Corporation.
Vencanna is executing the Bid because it believes that, from time to time, the market price of its Shares does not reflect the underlying value of the Corporation and its prospects, and that depending on the trading price of its Shares and other relevant factors, purchasing its own Shares represents an attractive investment opportunity and is in the best interests of the Corporation and its shareholders.
All Shares will be purchased under the Bid on the open market and through the facilities of the CSE and payment for the Shares will be made in accordance with CSE policies. The timing and extent of repurchases will depend upon several factors, including market and business conditions, valuation of Shares, regulatory requirements and other corporate considerations. The price paid for Shares will be the prevailing market price at the time of purchase and all Shares acquired by the Corporation will be cancelled. The Corporation has 185,966,168 Shares issued and outstanding as of today's date. Purchases may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the Bid. The Corporation has engaged Independent Trading Group (ITG) Inc. to act as the broker through which the Bid will be conducted.
"This Bid reflects our high confidence in the Corporation's ability to execute and solid growth prospects," said Vencanna CEO David McGorman. "Due to our careful management of the Corporation's capital and successful loan repayment, we have excess cash beyond our business needs. Due to Management and the Board's faith in Vencanna's future prospects, we are actively investing in ourselves, by acquiring our own Shares, when market volatility presents attractive opportunities. We remain continually focused on creating value for our shareholders in multiple ways."
On September 24, 2018, the Corporation announced the completion of a recapitalization financing, the appointment of a new management team and board of directors and commencement of trading on the CSE. The transactions have transitioned the Corporation from an oil and gas issuer to a merchant capital firm, rebranded as "Vencanna Ventures Inc.". The recapitalized Corporation aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on strong management operating in state compliant jurisdictions with barriers to entry. The Corporation looks to provide investors with a diversified, high-growth, cannabis investment strategy through strategic investments focused through-out the value chain (cultivation, processing and distribution, and including ancillary businesses).
For further information regarding this news release, please contact:
|David McGorman||Jason Ewasuik|
|Chief Executive Officer and Director||Vice President, Originations|
Top Strike Resources Corp.
Suite 310, 250 – 6th Avenue S.W.
Calgary, AB T2P 3H7
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information concerning the timing of commencement and termination of the Bid, the number of Shares the Corporation will purchase under the Bid, the anticipated benefits of the Bid and statements relating to Vencanna's business, strategies and expectations.
The forward-looking statements and information are based on certain key expectations and assumptions made by Vencanna, including expectations and assumptions concerning the Bid. Although Vencanna believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Vencanna can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Without limitation, these risks and uncertainties include: actions and initiatives of federal, state and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; import/export and other restrictions for cannabis based operations; the size of the medical-use and adult-use cannabis market; competition from other industry participants; adverse U.S., Canadian and global economic conditions; and failure to comply with certain regulations. Vencanna undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
The CSE has neither approved nor disapproved of the contents of this press release. Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.