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INX Digital to buy back up to 10.2 million shares

2022-03-21 12:31 ET - News Release

Mr. Douglas Borthwick reports

THE INX DIGITAL COMPANY, INC. ANNOUNCES NORMAL COURSE ISSUER BID

The INX Digital company Inc. intends to implement a normal course issuer bid (NCIB) program to repurchase common shares of the company.

Pursuant to the NCIB, which has been accepted by the NEO Exchange, the company may purchase up to a maximum of 10,206,807 common shares, representing approximately 5 per cent of the issued and outstanding common shares as of March 18, 2022, provided that the aggregate purchase price for any common shares acquired under the NCIB and for any tokens of INX Ltd. acquired under its previously disclosed token repurchase program must not exceed $5-million (U.S.). As of March 18, 2022, no INX tokens have been repurchased by the company under the token repurchase program, which was announced on Dec. 20, 2021.

Purchases under the NCIB may be made through open market transactions on the NEO Exchange and/or any Canadian alternative trading systems on which the common shares are traded, based on the prevailing market price. In accordance with NEO Exchange rules, daily purchases (other than pursuant to a block purchase exception) under the NCIB cannot exceed the greater of 1,000 common shares and 25 per cent of the average daily trading volume on the NEO Exchange as measured from Jan. 24, 2022, to March 18, 2022. Any common shares purchased under the NCIB will be cancelled.

Transactions under the NCIB will depend on future market conditions. The company will retain discretion whether to make purchases under the NCIB, and to determine the timing, amount, and acceptable price of any such purchases, subject at all times to applicable NEO Exchange and other regulatory requirements. The company believes that the purchase of common shares from time to time can be undertaken at prices that do not fully reflect its value. The company believes that, in such circumstances, the repurchase of common shares represents an appropriate use of the company's available funds to support shareholder value.

The company intends to appoint PI Financial Corp. as the broker through which the company will conduct purchases under the NCIB, which purchases will be completed pursuant to the policies of the NEO Exchange. The company and PI Financial intend on entering into an issuer repurchase plan agreement outlining the terms upon which the NCIB will be conducted.

The period during which the company will be authorized to make purchases under the NCIB will commence on March 23, 2022, and end the earlier of (i) March 23, 2023, and (ii) such earlier date on which the maximum number of common shares are purchased under the NCIB. The company has not purchased any common shares during the previous year pursuant to any issuer bid.

About The INX Digital company Inc.

The company is the holding company for the INX Group, which includes regulated trading platforms for digital securities and crypto currencies, combining traditional markets expertise and an innovative fintech approach. The INX Group's vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group's overall mission is to bring communities together and empower them with financial innovation. The company's journey started with the company's initial public token offering of the INX token, in which it raised $83-million (U.S.). The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

In addition to operating two regulated trading platforms for blockchain assets, the company's interdealer broker, I.L.S. Brokers, plans to offer non-deliverable crypto currency forward to Tier 1 banks in the future.

We seek Safe Harbor.

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