Vancouver, British Columbia – July 3, 2020 – Planet Ventures Inc. (TSX-V: PXI; FSE: P6U) (“Planet” or the “Company”) is pleased to announce its intention to commence a normal course issuer bid (“NCIB”) for up to 10,601,959 common shares (“Shares”), representing up to 5% of its 212,039,190 Shares issued and outstanding.
The purchases will be by way of open market purchases through the facilities of the TSX Venture Exchange (the “Exchange”) and the Company will pay the market price of the Shares at the time of acquisition. The Company will conduct the NCIB through PI Financial Corp. All Shares purchased by the Company will be subsequently cancelled.
The Company has received approval from the Exchange to commence its NCIB on July 9, 2020. The bid will end on July 8, 2021 or earlier if the number of Shares sought in the NCIB has been obtained. The Company reserves the right to terminate the NCIB earlier if it determines such action to be appropriate. Although Planet intends to purchase Shares under its NCIB, there can be no assurance that any such purchases will be completed.
The Company has initiated this NCIB as it believes that its Shares have been trading in a price range that does not adequately reflect the underlying value of such Shares in relation to the business of Planet and its future business prospects and that the repurchase of its Shares at current market prices is an appropriate use of working capital funds.
The Company believes that, at certain times, the market price for the Shares may not reflect the underlying value of its business and its future prospects. The objective of the normal course issuer bid is to provide market stability for the benefit of the Company’s shareholders.
The Company believes that the purchase of the Shares will increase the proportionate interest of, and be advantageous to, all remaining security holders. The normal course purchases will also afford an increased degree of liquidity in the market.
About Planet Ventures Inc.
Planet Ventures Inc. (TSX-V: PXI; FSE: P6U) is an investment issuer listed on the TSX Venture Exchange, that is focused on investing in disruptive companies and industries that have high growth potential. Our unique portfolio driven investment policies provide our investors with access to emerging and high-growth opportunities while shielding them from any formidable downside.
For more information, please visit our website: www.planetventuresinc.com
ON BEHALF OF THE BOARD
Chief Financial Officer and Director
INVESTOR RELATIONS CONTACT
PLANET VENTURES INC.
Tel: (604) 681-0084
Fax: (604) 681-0094
Neither the 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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.