TORONTO, June 27, 2018 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSX-V:ILA) (“iLOOKABOUT” or “the Company”) today announced that, subject to regulatory approval, it intends to commence a normal course issuer bid (the “NCIB”). The Company intends to purchase up to 5,674,609 Common Shares in the capital of the Company (the “Common Shares”), representing approximately 6.7% of the Company’s issued and outstanding Common Shares and 10% of the Company’s “public float” (as such term is defined under the TSX-V Corporate Finance Manual).
The NCIB will commence two business days following the TSX-V’s acceptance of the Company’s Notice of Intention and will terminate upon the earliest of (i) the Company purchasing 5,674,609 Common Shares, (ii) the Company providing notice of termination of the NCIB, and (iii) 12 months following the commencement date. All purchases will be made through the facilities of the TSX-V at market prices and otherwise in accordance with the rules and policies of the TSX-V. All Common Shares acquired by the Corporation under the NCIB are being purchased for cancellation.
The Company has appointed Industrial Alliance Securities Inc. as its broker to conduct the NCIB on its behalf and may repurchase Common Shares pursuant to the NCIB under automatic share purchase plans established periodically by the Company which define a prearranged set of criteria for such repurchase.
iLOOKABOUT’s Board of Directors believes that, from time to time, the market price of the Common Shares does not adequately reflect the Company’s underlying value and future prospects and that, at such times, the purchase of the Common Shares represents an appropriate use of the Company’s financial resources and will enhance shareholder value.
To the Company’s knowledge, none of its directors, senior officers, or insiders of the Company, nor any associate of such person or associate or affiliate of the Company intends to sell any Common Shares to the Company during the course of this NCIB.
iLOOKABOUT is a software, data analytics, data aggregation and visual intelligence company focused on real property. The Company primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT provides powerful data analytics to the real estate industry through its Real Property Tax Analytics software offering. The Company’s proprietary StreetScape imagery and real property focused web-based application, GeoViewPort unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated analytics and workflow management applications into GeoViewPort which create highly valued service offerings for its clients. To augment its technology-based offerings, the Company provides real estate consulting services, with a focus on the Property Tax and Valuation sectors.
iLOOKABOUT’s common shares are traded on the TSX Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
|Contact:||Gary Yeoman, CEO|
© 2018 GlobeNewswire, Inc. All Rights Reserved.