Vancouver, BC, June 23, 2021. Origen Resources Inc. (the Company or Origen) (CSE:ORGN; FSE:4VXA) is pleased to announce that it intends to execute a normal course issuer bid (NCIB) through the facilities of the Canadian Securities Exchange. Under the NCIB, the Company intends to acquire up to 1.62 million common shares in the capital of the Company, representing approximately 5 per cent of its issued and outstanding common shares. As of June 22, 2021, the Company had 32,525,906 common shares issued and outstanding. The normal course issuer bid will commence on June 30, 2021, and end no later than June 30, 2022. The Company may terminate the NCIB earlier if it feels it is appropriate to do so.
The Company is commencing the NCIB because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and future prospects. PI Financial Corp. has been appointed to conduct the NCIB and the purchase and payment of the shares will be made in accordance with all requirements of the Canadian Securities Exchange and applicable securities laws. All prices paid for the shares will be the market price at the time of purchase. All shares purchased will be canceled.
Blake Morgan, President of the Company, commented: This move, to buy our stock back, is evidence of our overwhelming confidence in our project portfolio and strong belief in the current under-valuation of the Companys share price. The proposed purchase of the Companys common shares will strengthen an already attractive capital structure and bring greater value to Origen and its shareholders.
The Company is commencing the NCIB because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and future prospects. PI Financial Corp. has been appointed to conduct the NCIB and the purchase and payment of the shares will be made in accordance with all requirements of the Canadian Securities Exchange and applicable securities laws. All prices paid for the shares will be the market price at the time of purchase. All shares purchased will be canceled.
Blake Morgan, President of the Company, commented: This move, to buy our stock back, is evidence of our overwhelming confidence in our project portfolio and strong belief in the current under-valuation of the Companys share price. The proposed purchase of the Companys common shares will strengthen an already attractive capital structure and bring greater value to Origen and its shareholders.