KITCHENER, Ontario, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Brick Brewing Co. Limited ("Brick" or the "Company") (TSX: BRB) today announced that it has filed with the Toronto Stock Exchange (“TSX”), and the TSX has accepted, a notice of intention to make a normal course issuer bid (the “NCIB”) permitting Brick to purchase for cancellation up to 1,000,000 common shares (“Shares”) over a 12-month period, representing approximately 2.8% of the 35,475,563 Shares outstanding as of January 7, 2019.
NCIB will commence on January 10, 2019 and terminate on January 9, 2020, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares for the six months ended December 31, 2018 is 20,287 Shares. The maximum number of Shares that may be purchased on a daily basis, subject to any approved exceptions, will be 5,071 Shares. Shares purchased under the NCIB will be cancelled. Brick has not purchased any of its Shares in the previous twelve month period.
Brick has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of Brick.
Brick believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. As a result, Brick believes that the purchase of Shares, from time to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
About Brick Brewing
Brick is Ontario's largest Canadian-owned brewery. The Company is a regional brewer of award-winning premium quality and value beers and is officially certified under the Global Food Safety Standard, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Brick Brewing Co. was the first craft brewery to start up in Ontario and is credited with pioneering the present-day craft brewing renaissance in Canada. Brick has complemented its Waterloo premium craft beers with the popular Laker brand. In 2011, Brick purchased the Canadian rights to Seagram Coolers and in 2015, secured the exclusive Canadian rights to both LandShark® and Margaritaville®. In addition, Brick utilizes its leading-edge brewing, blending and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers and ciders. Brick trades on the TSX under the symbol BRB. Visit us at www.brickbeer.com.
All statements in this press release that do not directly and exclusively relate to historical facts constitute forward-looking statements as of the date of this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "seek", "plan", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Corporation does not undertake to publicly update such forward-looking statements to reflect new information, future events or otherwise.
For further information:
David Birch, Chief Financial Officer
(519) 742-2732 Ext.106