Toronto, Ontario – November 16, 2023 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced that the Toronto Stock Exchange (the “TSX”) has approved the Company’s new normal course issuer bid (“NCIB”) for the upcoming 12-month period.
The NCIB will commence on November 20, 2023, and will terminate on November 19, 2024, or on such earlier date as the Company may complete its purchases pursuant to the Notice that was filed with the TSX. Under the NCIB, the Company is authorized to purchase up to 2,389,813 of its Class A common shares (the “Shares”), representing 5% of the 47,796,268 Shares issued and outstanding as of November 9, 2023, by way of normal course purchases effected through the facilities of the TSX and all available Canadian markets and alternative trading platforms. Except where purchases are made in accordance with the “block purchase exception” of the TSX rules, daily purchases will be limited to a maximum of 24,096 Shares, or 25% of the average daily trading volume for the six months ended October 31, 2023 (being 96,385 Shares). All shares purchased by the Company under the NCIB will be cancelled.
In deciding to renew the NCIB, the Company believes that the market price of the Shares may not, from time to time, fully reflect their value and accordingly the purchase of the Shares would be in the best interest of the Company and an attractive and appropriate use of available funds.
Purchases will be made by the Company in accordance with the requirements of the TSX and the price which the Company will pay for any such Shares will be the market price of any such Shares at the time of acquisition, or such other price as may be permitted by the TSX.
In connection with the NCIB, the Company will enter into an automatic share purchase plan with its designated broker to allow for purchases of its Shares during certain pre-determined black-out periods, subject to parameters as to price and number of Shares. Outside of these pre-determined black-out periods, Shares will be purchased in accordance with management’s discretion, subject to applicable law.
Although the Company has a present intention to acquire its 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.
Under the Company’s