/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO and MARSEILLE, France, Sept. 27,
2024 /CNW/ - Foraco International SA (TSX: FAR)
(the "Company" or "Foraco") today announced that the Toronto Stock
Exchange (the "TSX") has accepted for filing the Company's Notice
in respect of a normal course issuer bid (the "NCIB") to be
transacted through the facilities of the TSX and/or through
alternative trading systems.
Pursuant to the NCIB, Foraco may purchase up to 1,000,000 of its
common shares (the "Shares") representing approximately 1% of the
total 99,251,798 Shares of the Company issued and outstanding as at
September 17, 2024. Purchases
will be made at prevailing market prices commencing October 1, 2024 and ending September 30, 2025. Pursuant to TSX
policies, daily purchases will not exceed 39,086 common shares,
other than block purchase exceptions.
In the previous NCIB that commenced October 6, 2023, Foraco sought and obtained
approval from the TSX to purchase 1,000,000 of its common shares.
The Company has purchased 655,510 Shares from October 6, 2023 to August
31, 2024 and the average weighted price of the Shares
purchased was CAD$2.29. The Company
does not intend to purchase additional common shares under the
previous NCIB as at and from September 30,
2024. The securities were repurchased through the TSX and
through alternative trading systems. The average daily trading
volume for the six months period ended August 31, 2024 was 156,344 Shares.
The Company has engaged Desjardins Capital Markets
("Desjardins") to act as its agent to purchase Shares in connection
with the NCIB ("Desjardins Engagement"). During the term of the
Desjardins Engagement, the Company will not communicate any
material undisclosed information to the trading staff at
Desjardins, and accordingly Desjardins may make purchases
regardless of whether a blackout period is in effect or whether
there is material undisclosed information about the Company at the
time purchases are made.
The Company intends to hold the Shares, until the same are
required to be transferred to employees to satisfy the Company's
obligations in respect of grants made by Foraco to its employees
under the Company's free share plans.
A copy of the Company's Notice filed with the TSX may be
obtained, by any shareholder without charge, by contacting Foraco's
Chief Financial Officer, Fabien
Sevestre.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the
United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Foraco
Foraco International SA (TSX: FAR) is a leading global mineral
drilling services company that provides a comprehensive and
reliable service offering in mining and water projects. Supported
by its founding values of integrity, innovation and involvement,
Foraco has grown into the third largest global drilling enterprise
with a presence in 21 countries across five continents. For more
information about Foraco, visit www.foraco.com.
Caution concerning forward-looking statements
This document may contain "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities laws. These statements and information include
estimates, forecasts, information and statements as to Management's
expectations with respect to, among other things, the future
financial or operating performance of the Company and capital and
operating expenditures. Often, but not always, forward-looking
statements and information can be identified by the use of words
such as "may", "will", "should", "plans", "expects", "intends",
"anticipates", "believes", "budget", and "scheduled" or the
negative thereof or variations thereon or similar terminology.
Forward-looking statements and information are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by Management, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Readers are cautioned that any such forward-looking statements and
information are not guarantees and there can be no assurance that
such statements and information will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed under the heading "Risk Factors" in the Company's
Annual Information Form dated March 7,
2024, which is filed with Canadian regulators on SEDAR+
(www.sedarplus.ca). The Company expressly disclaims any intention
or obligation to update or revise any forward-looking statements
and information whether as a result of new information, future
events or otherwise. All written and oral forward-looking
statements and information attributable to Foraco or persons acting
on our behalf are expressly qualified in their entirety by the
foregoing cautionary statements.
SOURCE Foraco International SA