Velan Announces 2019 Normal Course Issuer bid

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Velan Announces 2019 Normal Course Issuer bid

Canada NewsWire

MONTREAL, Oct. 21, 2019 /CNW Telbec/ - Velan Inc. (the "Company") (TSX: VLN) announced today that it has received approval of the Toronto Stock Exchange ("TSX") to proceed with its normal course issuer bid previously announced on October 10, 2019. Under the bid, the Company may purchase up to 151,384 Subordinate Voting Shares (the "Shares") of the Company, representing approximately 2.5% of the 6,055,368 Shares issued and outstanding as at October 10, 2019. The average daily trading volume for the 6-month period preceding October 1, 2019 is 6,414 Shares. In accordance with TSX requirements, the Company may repurchase up to 1,603 Shares on a daily basis. The bid will commence on October 23, 2019 and terminate on October 22, 2020 or on such earlier date as the Company may complete its purchases pursuant to the bid. The Shares will be purchased on behalf of the Company by a registered broker through the facilities of TSX or alternative Canadian trading systems. The price paid for the Shares will be the market price at the time of the acquisition, and the number of Shares purchased and the timing of any such purchases will be determined by the Company. All Shares purchased by the Company will be cancelled.

The Company has not repurchased any Shares in the last 12 months.

The directors of the Company have concluded that purchases of up to 151,384 of the issued and outstanding Shares may be an appropriate and desirable use of the Company's available funds and, therefore, would be in the best interests of the Company. As a result of such purchases, the number of issued Shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.

About Velan

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world's leading manufacturers of industrial valves, with sales of US$366.9 million in its last reported fiscal year. The Company employs over 1,800 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement

This news release may include forward-looking statements, which generally contain words like "should", "believe", "anticipate", "plan", "may", "will", "expect", "intend", "continue" or "estimate" or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company's filings with the appropriate securities commissions. While these statements are based on management's assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Web: www.velan.com

SOURCE Velan Inc.

View original content: http://www.newswire.ca/en/releases/archive/October2019/21/c2578.html

Copyright CNW Group 2019

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