CALGARY, Alberta, Aug. 26, 2024 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. (TSX:DRT, OTC:DRTTF) ("DIRTT" or the "Company"), a leader in industrialized construction, announced today that the Toronto Stock Exchange ("TSX") has accepted DIRTT's notice of intention to make a normal course issuer bid (the "NCIB") for DIRTT's 6.00% convertible unsecured subordinated debentures due January 31, 2026 ("January Debentures") and its 6.25% convertible unsecured subordinated debentures due December 31, 2026 ("December Debentures", and together with the January Debentures, the "Debentures"). The NCIB is expected to commence on August 28, 2024 and terminate on August 27, 2025.
Under the NCIB, DIRTT is permitted to acquire up to C$1,664,200 principal amount of the January Debentures and C$1,558,700 principal amount of the December Debentures, which represents 10% of the total public float of each series of Debentures, being C$16,642,000 principal amount of January Debentures and C$15,587,000 principal amount of the December Debentures outstanding, respectively, as of August 22, 2024. Except as permitted under the TSX rules, DIRTT will not purchase more than C$111,507 principal amount of the January Debentures or more than C$416,071 principal amount of the December Debentures on any given trading day. The daily purchase limit for the January December and the December Debentures is approximately 25% of C$446,031 and C$1,664,285, respectively, being the average daily trading volume of the January Debentures and December Debentures on the TSX for the six most recently completed calendar months. All purchases will be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems, at the market price of such Debentures at the time of acquisition. Any Debentures acquired through the NCIB will be immediately cancelled. DIRTT believes that the NCIB provides it with the flexibility to use its capital to acquire Debentures from time to time under the appropriate circumstances. Management's decisions regarding any Debenture repurchases will be based on market conditions, the market price of the Debentures, and other factors.
While DIRTT has not purchased any Debentures under a normal course issuer bid in the past 12 months, the Company completed a substantial issuer bid and tender offer for the Debentures on March ...
