VANCOUVER, BC, March 17,
2022 /CNW/ - Canfor Corporation ("Canfor" or
the "Company") (TSX: CFP) announced today that it has
received regulatory approval to effect an early renewal of a normal
course issuer bid that will expire in June, 2022. Under the new
bid, the Company may purchase for cancellation up to 6,224,680
common shares of the Company (the "Shares") or approximately
5% of the 124,493,600 Shares outstanding as of March 15, 2022, at
prevailing market prices, in accordance with the rules of The
Toronto Stock Exchange (the "TSX"). The Company repurchased
a total of 725,800 Shares for cancellation from June 16, 2021 to and including March 15, 2022 under its prior bid (the "2021
NCIB"), at a volume weighted average price of $26.4482 per
Share, through the facilities of the TSX and/or Canadian
alternative trading systems. Under the 2021 NCIB, the Company
sought and was approved to purchase 6,260,970
Shares.
The renewed normal course issuer bid will commence on
March 21, 2022 and continue until
March 20, 2023, unless completed or
terminated earlier. The Company has terminated the 2021 NCIB
effective March 15, 2022. As a
result, the 725,800 Shares purchased under the 2021 NCIB will be
deducted from the renewed bid's 6,224,680 Share limit.
Canfor believes the normal course issuer bid is in the best
interests of the Company and its shareholders. Purchases of Shares
made under the bid will be effected through the facilities of the
TSX and/or through one or more Canadian alternative trading
systems. The Company will be entering into an automatic share
purchase plan with a broker providing for the repurchase of Shares
under the renewed issuer bid.
Purchases will be made at the discretion of the Company at
prevailing market prices, through the facilities of the TSX, in
compliance with regulatory requirements. Daily purchases will be
restricted to not more than 62,670 Shares, representing 25% of
the 250,682 average daily trading volume of the Shares on the TSX,
subject to certain prescribed exemptions. There can be no assurance
as to the precise number of Shares that will be repurchased under
the share repurchase program. The Company may discontinue its
purchases at any time, subject to compliance with applicable
regulatory requirements. The Company intends to hold all Shares
acquired under the issuer bid for cancellation.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements" which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "projects", "intends", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and actual
events or results may differ materially. There are many factors
that could cause such actual events or results expressed or implied
by such forward-looking statements to differ materially from any
future results expressed or implied by such statements.
Forward-looking statements are based on current expectations and
Canfor assumes no obligation to update such information to reflect
later events or developments, except as required by law.
About Canfor Corporation
Canfor is a leading integrated forest products company based
in Vancouver, British Columbia
("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi, Arkansas and Louisiana, as well as in Sweden with 70% interest in Vida Group.
Canfor produces primarily softwood lumber and also owns a 54.8%
interest in Canfor Pulp Products Inc., which is one of the largest
global producers of market Northern Bleached Softwood Kraft Pulp
and a leading producer of high performance kraft paper. Canfor
shares are traded on The Toronto Stock Exchange under the symbol
CFP. For more information visit canfor.com.
SOURCE Canfor Corporation