EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), announces that it has filed with the TSX Venture Exchange (“TSXV”) a Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”), which will allow EverGen to purchase issued and outstanding common shares of EverGen (“Common Shares”) through the facilities of the TSXV during a 12 month period, commencing on May 23, 2022 and ending on May 23, 2023, or on such earlier date as EverGen may complete its purchases pursuant to the NCIB or as it may otherwise determine. The implementation of the NCIB remains subject to the approval of the TSXV.
The Company plans to implement the NCIB because it believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Company's business and its future prospects. Accordingly, the Company believes that having the ability to purchase the Common Shares using cash flow will be in the interest of the Company and represents an opportunity to enhance shareholder value. No previous purchases of Common Shares by EverGen pursuant to an NCIB have been completed.
Under the NCIB, if approved by the TSXV, EverGen may acquire up to an aggregate of 668,370 Common Shares over the 12 month period, representing approximately 5% of the 13,367,392 issued and outstanding Common Shares as of May 15, 2022. Additionally, under the NCIB, EverGen may not acquire more than 2% of the issued and outstanding Common Shares in any 30 day period.
Purchases subject to this NCIB will be carried out pursuant to open market transactions through the facilities of the TSXV by Clarus Securities Inc., a Member as defined by the TSXV and its policies, on behalf of EverGen at the prevailing market price of the Common Shares at the time of purchase. All Common Shares purchased by EverGen under the NCIB will be returned to treasury and cancelled.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, headquartered on the West Coast. EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
Cautionary Statements Regarding Forward Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes”, and or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the approval of the NCIB by the TSXV and EverGen’s intention to purchase Common Shares pursuant to the NCIB. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder, court or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, EverGen assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.