GUELPH, ON / ACCESSWIRE / August 14, 2024 / Zentek Ltd. ("Zentek" or the "Company") (Nasdaq:ZTEK)(TSXV:ZEN) wishes to announce that, subject to regulatory approval, it will conduct a normal course issuer bid (the "Bid"). The Bid will be for up to 5,084,319 common shares of the Company over a period of one year (the "Bid Period"), being approximately 5% of Company's issued and outstanding common shares, with up to 2,033,727 common shares of the Company purchasable over any 30-day period within the Bid Period, being 2% of Company's issued and outstanding common shares.
The Bid Period will commence on August 16, 2024, and will continue until the earlier of August 15, 2025, or the date by which the Company has acquired the maximum number of common shares which may be purchased under the Bid. Management believes that the market price of the Company's common shares may not fully reflect the value of its business and future prospects, and as such it believes that purchasing its own common shares for cancellation is an appropriate strategy for increasing long-term shareholder value. The purchases will be made through the facilities of the TSX Venture Exchange, and the price at which the Company will purchase its common shares will be the market price of the shares at the time of acquisition.
The Company has appointed Integral Wealth Securities Limited as its broker to conduct normal course issuer bid transactions. About Zentek Ltd. Zentek is an ISO 13485:2016 certified intellectual p.