Mediagrif Announces the Renewal of its Normal Course Issuer Bid
Therefore, beginning on March 7, 2011, Mediagrif will be authorized to acquire for cancellation, from time to time, during a twelve-month period and when it deems it appropriate, up to a maximum of 400 000 common shares, representing approximately 5% of the public float as of February 28, 2011, which represented 8,171,498 common shares. As of February 28, 2011, Mediagrif had 13,680,054 common shares issued and outstanding. Mediagrif’s management considers that the acquisition of common shares in the course of this Issuer Bid may represent a sound use of the Corporation’s funds both for the Corporation and for its shareholders. All purchases will be made through the facilities of the TSX.
None of Mediagrif’s directors or senior officers, nor any of their associates, nor any person acting jointly or in concert with Mediagrif, or holding 10% or more of the shares of any class of shares of Mediagrif, will receive any direct or indirect benefit as a result of this Normal Course Issuer Bid other than the benefits conferred upon all the shareholders of Mediagrif. As of the date hereof, Mediagrif has purchased 260,328 common shares at a weighted average purchase price of $8.38 per share under its Normal Course Issuer Bid that started on March 5, 2010 and terminates on March 4, 2011.
Purchases on the renewed Normal Course Issuer Bid may commence on March 7, 2011 until, at the latest, March 6, 2012. The average daily trading volume (“ADTV”) of Mediagrif’s common shares on the TSX was 11,516 for the six-month period, which started on September 1, 2010 through February 28, 2011. Based on that number, Mediagrif would be entitled to purchase up to 25% of the ADTV on any trading day, being 2,879 common shares. In accordance with the rules of the TSX, a listed issuer may make one block purchase per calendar week that exceeds the daily repurchase restriction.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. Mediagrif provides e-commerce solutions in the fields of electronics components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine & spirits, diamonds and jewelry, retail markets and government opportunities. Headquartered in Longueuil, Mediagrif has offices in North America and Asia. For more information, please visit us at www.mediagrif.com.
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. All amounts are in Canadian dollars.
For further information:
Chief Executive Officer
Tel.: (450) 449-0102 ext. 2004
Toll Free: 1 877 677-9088 ext. 2004
Chief Financial Officer
Tel.: (450) 449-0102 ext. 2135
Toll Free: 1 877 677-9088 ext. 2135