TORONTO, March 18,
2024 /CNW/ - Westbridge Renewable Energy
Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ)
("Westbridge",
"Westbridge Renewable" or the "Company") announces
today that the TSX Venture Exchange (the "TSXV") has
approved the commencement by Westbridge Renewable of a normal
course issuer bid program (the "NCIB").
As of the date hereof, the Company has 99,254,451 common shares
(the "Shares") issued and outstanding. A maximum of
4,962,722 Shares may be purchased by the Company under the NCIB,
representing approximately 5% of the Company's issued and
outstanding Shares. The NCIB commences on March 21, 2024, and will terminate on
March 20, 2025, or on an earlier date
in the event that the maximum number of Shares sought in the NCIB
has been repurchased. Purchases under the NCIB will be made through
the facilities of the TSXV at the prevailing market price at the
time of purchase and in accordance with all applicable regulations
of the TSXV. Any Shares purchased by Westbridge Renewable under the
NCIB will be at the market price of the Shares at the time of such
purchases. The actual number of Shares that may be purchased and
the timing of any such purchases will be determined by the Company
in its sole discretion. The Company reserves the right to terminate
the NCIB at any time.
The Board of Directors of the Company believes the purchase of
its Shares represents a good use of its financial resources and may
protect and enhance shareholder value. The Company intends to
fund the purchases out of available cash.
Westbridge Renewable has appointed Canaccord Genuity Corp. to
make purchases under the NCIB on its behalf.
About Westbridge Renewable
Energy
Westbridge Renewable Energy Corp. originates, develops, and
monetizes best-in-class, utility-scale solar PV projects. The
Company has a portfolio of projects in three key jurisdictions,
Canada, the U.S., and the UK.
Westbridge plans to deliver
attractive, long-term returns by originating, executing, and
developing an international portfolio of renewable assets for
investors and utilities. Management has a strong track-record with
40+ projects developed worldwide, obtaining, and executing permits
on time and within budget. As one of the very few listed pure-play
Canadian solar development companies, Westbridge provides its ESG minded investors
with valuable access to greenfield solar projects. This means the
Company can invest at the earliest stage of solar energy
development benefiting from the full value chain, as well as the
expected wider adoption of renewable energy going forward.
Westbridge brings together
regulators, corporate buyers, and landowners with the goal of
delivering clean, sustainable electricity to end users.
For more information, please visit: www.westbridge.energy |
Twitter | LinkedIn
Neither the 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.
Forward-Looking
Statements
Certain information set forth in this document contains
forward-looking information and statements including, without
limitation, purchases of the Shares made under the NCIB and the
timing thereof, the duration of the NCIB, the management's business
strategy, management's assessment of future plans and operations.
Such forward-looking statements or information are provided for the
purpose of providing information about management's current
expectations and plans relating to the future, including the
duration of the NCIB, the purchases of the Shares if at all, as
there is no assurance the NCIB will be completed for the full term
or at all. Forward-looking statements or information typically
contain statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project",
"potential" or similar words suggesting future outcomes or
statements regarding future performance and outlook. Readers are
cautioned that assumptions used in the preparation of such
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties and other
factors, many of which are beyond the control of the Company.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, undue reliance
should not be placed on them as actual results may differ
materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include risks and uncertainties relating
to Company's ability to obtain regulatory approval or at all. The
forward-looking statements contained in this press release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law.
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SOURCE Westbridge Energy Corporation
