ThreeD Capital announces normal course issuer bid in Toronto
- ThreeD Capital Inc. plans to buy back up to 2,843,554 common shares over a one-year period starting September 23, 2024.
- The company believes its shares are undervalued and aims to use funds prudently through this normal course issuer bid.
- This move follows a previous buyback where 2,500,500 shares were repurchased at an average price of $0.47.
On September 16, 2024, ThreeD Capital Inc., a Canadian venture capital firm, announced its intention to initiate a normal course issuer bid. This bid will allow the company to purchase up to 2,843,554 common shares, which represents approximately 5% of its issued and outstanding shares, over a one-year period starting September 23, 2024. The purchases will be made on the Canadian Securities Exchange at market prices at the time of acquisition. The decision to undertake this issuer bid stems from ThreeD's belief that its common shares are currently undervalued. The company previously executed a similar buyback, repurchasing 2,500,500 shares at an average price of $0.47 per share, which concluded on August 25, 2024. This strategic move is seen as a prudent use of funds, reflecting the company's confidence in its long-term value. ThreeD Capital focuses on opportunistic investments in junior resources and disruptive technologies, aiming to diversify its portfolio across various sectors globally. The firm has retained Ventum Financial Corp. to manage the share purchases on its behalf, ensuring that the process aligns with market conditions and the company's financial strategy. This normal course issuer bid is part of ThreeD's broader investment strategy, which emphasizes the importance of capitalizing on perceived market inefficiencies. By repurchasing shares, the company aims to enhance shareholder value and signal its commitment to maintaining a robust financial position in a competitive investment landscape.