Toronto, Ontario – February 22, 2022 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced that it intends to file with the Toronto Stock Exchange (“TSX”) a notice of intention to commence a normal course issuer bid (“NCIB”) for its Class A Common Shares (“Shares”). If accepted by the TSX, the Company would be permitted under the NCIB to purchase for cancellation, through the facilities of the TSX and all available Canadian markets and alternative trading platforms, up to 5% of the issued and outstanding Shares for a period of 12 months after the NCIB commences. Subject to TSX acceptance, Payfare currently anticipates the NCIB to commence on or about March 28, 2022, and in any event, at least two trading days after TSX acceptance of the NCIB. The exact amount of Shares subject to the NCIB will be determined on the date of acceptance of the notice of intention by the TSX.
All Shares purchased by the Company under the NCIB will be purchased at prevailing market prices in accordance with the rules and policies of the TSX and applicable securities laws. The actual number of Shares that may be purchased, and the timing of any such purchases, will be determined by the Company, subject to the applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). All Shares acquired by the Company under the NCIB will be cancelled.
Although the Company has a present intention to acquire Shares pursuant to the NCIB, the Company will not be obligated to make any purchases and purchases may be suspended by the Company at any time. The Company reserves the right to terminate the NCIB earlier if it feels it is appropriate to do so.
In connection with the NCIB, the Company intends to enter into an automatic share purchase plan with its designated broker to allo