(TheNewswire)
Edmonton, AB - TheNewswire - January 27, 2023 - Yorkton Equity Group Inc. (“ Yorkton ” or the “ Company ”) (TSXV:YEG) announces its hasreceived TSX Venture Exchange (the “Exchange”) approval tocommence a normal course issuer bid (the “NCIB”) through thefacilities of the Exchange to repurchase, for cancellation, up to anaggregate of 5,633,871 common shares of the Company (“CommonShares”), representing approximately 5% of the outstanding CommonShares. The funds used to repurchase the Common Shares under theNCIB will only come from cash provided by operating activities of theCompany.
The NCIB is expected to commence on January 27, 2023 and willterminate upon the earliest of (i) the Company purchasing 5,633,871Common Shares, (ii) the Company providing notice of termination of theNCIB, and (iii) on January 26, 2024.
The Company believes that, from time to time, the market price of itscommon shares does not adequately reflect the Company’s underlyingvalue and future prospects such that having the ability to purchasethe Company’s common shares represents an appropriate use of theCompany’s financial resources and will enhance shareholder value.
The Company has engaged Independent Trading Group (ITG), Inc. to actas its broker for the NCIB (the “Broker”). The NCIB will be madethrough the facilities of the Exchange and the purchase and paymentfor the Common Shares will be made from the Company’s cash that hasbeen generated by its operating activities, at the market price of theCommon Shares at the time of acquisition (plus brokerage fees, if any,charged by the Broker). All Common Shares purchased by the Companyunder the NCIB will be cancelled.
To the Company’s knowledge, none of the directors, senior officersor insiders of the Company, or any associate of such person, or anyassociate or affiliate of the Company, has any present intention tosell any securities to the Company during the NCIB.
A copy of the Form 5G – Notice of Intention to make a Normal CourseIssuer Bid filed by the Company with the Exchange in respect of theNCIB can be obtained from the Company upon request without charge.
About Yorkton
Yorkton Equity Group Inc. is a growth-oriented real estate investmentcompany committed to providing shareholders with growing assetsthrough accretive acquisitions, organic growth, and the activemanagement of multi-family rental properties with significant upsidepotential. Our current geographical focus is in secondary markets inAlberta and British Columbia with diversified and growing economies,and strong population in-migration. Our business objectives are toachieve growing Net Operating Income (“NOI”) as well as Net AssetValue (“NAV”) in our multi-family rental property portfolio instrategic markets across Canada.
The management team at Yorkton Equity Group Inc. has well over 30years of real estate experience in acquiring and managing rentalassets.
Further information about Yorkton is available on the Company’swebsite at www.yorktonequitygroup.com and the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
For further information on Yorkton,please contact:
Ben Lui, CEO - Corporate Office: (780) 409-8228
Yorkton Equity Group Inc. – Shareholder Communications: (780)907-5263
Email: investors@yorktongroup.com
Forward-looking information
This press release may include forward-looking information within themeaning of Canadian securities legislation concerning the business ofYorkton. Forward-looking information is based on certain keyexpectations and assumptions made by the management of Yorkton.Although Yorkton believes that the expectations and assumptions onwhich such forward-looking information is based are reasonable, unduereliance should not be placed on the forward-looking informationbecause Yorkton can give no assurance that they will prove to becorrect. Forward-looking statements contained in this press releaseare made as of the date of this press release. Yorkton disclaims anyintent or obligation to update publicly any forward-lookinginformation, whether as a result of new information, future events orresults or otherwise, other than as required by applicable securitieslaws.
This news release does not constitute an offer to sell or asolicitation of an offer to buy any of the securities described hereinin the United States. The securities described herein have not beenand will not be registered under the United States Securities Act of1933, as amended, or any applicable securities laws or any state ofthe United States and may not be offered or sold in the United Statesor to the account or benefit of a person in the United States absentan exemption from the registration requirement.
Copyright (c) 2023 TheNewswire - All rights reserved.