Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable") announces that the TSX Venture Exchange (the "TSXV") has approved the commencement by Westbridge Renewable of a normal course issuer bid program (the "NCIB").
As of the date hereof, the Company has 99,254,451 common shares (the "Shares") issued and outstanding. A maximum of 4,962,722 Shares may be purchased by the Company under the NCIB, representing approximately 5% of the Company's issued and outstanding Shares. The NCIB commences on March 21, 2024, and will terminate on March 20, 2025, or on an earlier date in the event that the maximum number of Shares sought in the NCIB has been repurchased. Purchases under the NCIB will be made through the facilities of the TSXV at the prevailing market price at the time of purchase and in accordance with all applicable regulations of the TSXV. Any Shares purchased by Westbridge Renewable under the NCIB will be at the market price of the Shares at the time of such purchases. The actual number of Shares that may be purchased and the timing of any such purchases will be determined by the Company in its sole discretion. The Company reserves the right to terminate the NCIB at any time.
The Board of Directors of the Company believes the purchase of its Shares represents a good use of its financial resources and may protect and enhance shareholder value. The Company intends to fund the purchases out of available cash.
Westbridge Renewable has appointed Canaccord Genuity Corp. to make purchases under the NCIB on its behalf.