TORONTO--(BUSINESS WIRE)--SOL Global Investments Corp. (“SOL Global” or the "Company”) (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) is pleased to announce that it has purchased an aggregate of 142,500 common shares in the capital of the Company (“Common Shares”) during the current purchase cycle pursuant to the Company’s previously announced normal course issuer bid (“NCIB”), which commenced on November 1, 2019. A maximum of 2,731,462 Common Shares may be purchased pursuant to the NCIB, representing approximately 5% of the issued and outstanding Common Shares as at the time of the commencement of the NCIB. To date, an aggregate of 993,500 Common Shares have been purchased by the Company under the NCIB through the facilities of the Canadian Securities Exchange at an average purchase price of $0.5775 per share.
There are 54,109,614 Common Shares issued and outstanding as of the current date. An additional 1,737,962 additional Common Shares may be purchased by the Company under the NCIB. The Company intends to repurchase the full 5% and will be updating the market on the progress of its NCIB on a monthly basis. The NCIB is expected to terminate on November 1, 2020, or such earlier date at the discretion of the Company or upon the completion of the purchase of the maximum number of Common Shares under the NCIB.
All Common Shares purchased under the NCIB are being purchased on the open market through the facilities of the Canadian Securities Exchange (the “CSE”). All purchases made under the NCIB will be at the prevailing trading price for the Common Shares at the time of purchase. Common Shares acquired by the Company under the NCIB are being purchased for cancellation.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. Our investment partnerships range from minority positions to large strategic holdings with active advisory mandates. Sol Global’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, Energy, and New Age Wellness.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended ("U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.
This press release contains certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such forward-looking information includes information relating to the Company’s intention to purchase the maximum number of Common Shares permitted under the NCIB, the terms and conditions of further purchases of Common Shares under the NCIB, and timing on when the NCIB is expected to be completed.
Forward looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Such risks and uncertainties include but are not limited to: the ability of the Company to access future financing as needed from time to time and on terms acceptable to the Company; the risks of investing in companies engaged, whether directly or indirectly, in the U.S. cannabis industry whose activities are currently considered illegal under US federal laws; the ability of the Company to service its debt; reliance on key management personnel; the risk of investing in the securities of private companies which may limit the Company’s ability to sell or otherwise transfer those securities and realize value; the risk of holding minority interests in some companies, which may limit the Company’s ability to sell or otherwise transfer those securities and/or direct management decisions of such companies; the inherent risks in investing in target companies or projects which have limited or no operating history; any unexpected interruptions to the Company’s business or operations due to the COVID-19 pandemic; and litigation.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.