Premier Health of America Inc. (TSXV: PHA) (the " Corporation " or " Premier Health "), a leading Canadian Healthtech company, announced today that the TSX Venture Exchange (" TSXV ") has accepted the Corporation's application for its normal course issuer bid (the " NCIB ") for a portion of its outstanding common shares (" Common Shares ") as appropriate opportunities arise from time to time. The Corporation's NCIB will be made in accordance with the requirements of the TSXV and applicable securities laws.
Pursuant to the NCIB, Premier Health may repurchase up to a maximum of 1,428,571 Common Shares representing approximately a value of $500,000 at the current market price and 7% of its public float, where the aggregate public float as at November 14, 2022, was 19,664,860 Common Shares. Purchases under the NCIB may be made through the facilities of the TSXV, based on the prevailing market price at the time of acquisition. The NCIB will be funded using existing cash resources and any Common Shares purchased under the NCIB will be cancelled.
The Corporation believes that the NCIB is in the best interest of the Corporation and constitutes an adequate use of its available funds to increase shareholder value and returns of the Corporation.
Acumen Capital Partners Ltd. has been appointed by the Corporation to coordinate and facilitate its NCIB purchases. The price to be paid by the Corporation for any Common Shares will be the market price at the time of acquisition or such other price as a securities regulatory authority may permit. The period during which Premier Health is authorized to make purchases under the NCIB commences on November 18, 2022 and ends on November 17, 2023 or such earlier date on which the maximum number of Common Shares are purchased under the NCIB or the NCIB is terminated at the Corporation's election.
About Premier Health
Premier Health is a leading Canadian Healthtech company that provides a comprehensive range of outsourced services solutions for healthcare needs to governments, corporations, and individuals. Premier Health uses its proprietary PSweb platform to lead the healthcare services sector digital transformation to provide patients with faster, cheaper and more accessible care services.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking information based on current expectations. Statements about the date of trading of the Corporation's common shares on the Exchange and final regulatory approvals, among others, are forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Corporation assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. These factors and others are more fully discussed in the filings of the Corporation with Canadian securities regulatory authorities available at www.sedar.com.