The Company expects to take up and pay for 1,290,321 common shares ("Shares") at a price of
A total of 1,304,564 Shares were tendered pursuant to auction tenders at or below the purchase price or purchase price tenders. Since the Offer was oversubscribed, shareholders who made auction tenders at or below the purchase price or purchase price tenders will have approximately 98.9% of their tendered Shares purchased by the Company (other than "odd lot" tenders, which are not subject to proration). Any Shares not purchased under the Offer, including Shares not purchased as a result of proration or Shares tendered pursuant to auction tenders at prices higher than the purchase price, will be returned to shareholders as soon as practicable by
Payment for the Shares accepted for purchase under the Offer will occur in accordance with the terms of the Offer and applicable law.
The full details of the Offer are described in the offer to purchase and issuer bid circular dated
To assist shareholders in determining the tax consequences of the Offer, Cipher estimates that for the purposes of the Income Tax Act (
The "specified amount" for purposes of subsection 191(4) of the Income Tax Act (
This news release is for informational purposes only and is not intended to and does not constitute an offer.
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Forward Looking Statements
This document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements. These statements include, without limitation, timing for payment for the Shares accepted for purchase under the Offer, estimated paid-up capital per Share. The Company believes the expectations reflected in the forward-looking statements in this press release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward- looking statements should not be unduly relied upon. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties that may cause the results or events mentioned in this press release to differ materially from those that are discussed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general, local economic, and business conditions. All forward-looking information in this press release speaks as of the date hereof. The Company does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.sedarplus.ca).
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2022, and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.
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