VANCOUVER, British Columbia, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Imperial Ginseng Products Ltd. (TSX-V:IGP) (the “Company”) announced today that the TSX Venture Exchange (the “TSX-V”) has accepted notice of the Company’s intention to make a normal course issuer bid through the facilities of the TSX-V. The bid will permit the Company to purchase for cancellation up to 360,492 common shares of the Company, representing approximately 5% of the Company’s issued and outstanding common shares (being 7,209,849 shares as at September 14, 2017). Haywood Securities Inc. will be conducting the normal course issuer bid on behalf of the Company.
Purchases pursuant to the normal course issuer bid may commence on October 2, 2017 and will terminate on September 30, 2018 or on such earlier date as the Company may complete its purchases or otherwise terminate the bid. The Company will pay market price at the time of acquisition for any shares purchased under the normal course issuer bid. To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under the bid. The Company did not purchase shares in the previous twelve month period.
The Company believes that the purchase of the common shares by the Company will enhance the liquidity of the common shares. In addition, the Company believes that the current market conditions provide opportunities for the Company to acquire common shares at attractive prices and that the purchases are an appropriate use of funds.
About Imperial Ginseng Products Ltd.
The Company is an agricultural company that seeks to provide investors returns through the cultivation and processing of North American ginseng in Ontario and the marketing of its root to Asia.
For additional information, please contact Stephen McCoach at:
Imperial Ginseng Products Ltd.
Suite 3030, 650 West Georgia Street, Vancouver, BC V6B 4N7
Tel: (604) 689-8863
Email: info@imperialginseng.com
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking” statements, including statements with respect to future purchases of common shares by the Company. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements, including the risk that the Company will not purchase shares pursuant to the normal course issuer bid and the risk that the Company may discontinue its normal course issuer bid before its expiry. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligations to update or revise them to reflect new events or circumstances.