Dr. Francis Dube reports
ZENTEK ANNOUNCES NORMAL COURSE ISSUER BID
Subject to regulatory approval, Zentek Ltd. will conduct a normal course issuer bid. The bid will be for up to 4,979,349 common shares of the company over a period of one year, being approximately 5 per cent of company's issued and outstanding common shares of the company's issued and outstanding common shares, with up to 1,991,739 common shares of the company purchasable over any 30-day period within the bid period, being 2 per cent of company's issued and outstanding common shares. The bid period will commence on June 1, 2023, and will continue until the earlier of May 31, 2024, or the date by which the company has acquired the maximum number of common shares which may be purchased under the bid.
Management believes that the market price of the company's common shares may not fully reflect the value of its business and future prospects, and as such it believes that purchasing its own common shares for cancellation is an appropriate strategy for increasing long-term shareholder value. The purchases will be made through the facilities of the TSX Venture Exchange, and the price at which the company will purchase its common shares will be the market price of the shares at the time of acquisition. The company has appointed Integral Wealth as its broker to conduct normal course issuer bid transactions.
About Zentek Ltd.
Zentek is an ISO 13485:2016 certified graphene technology company focused on the research, development and commercialization of graphene-based novel products seeking to give the company's commercial partners a competitive advantage by making their products better, safer and greener.
Zentek's patented technology platform ZenGuard, is shown to have 99-per-cent anti-microbial activity and to significantly increase the bacterial and viral filtration efficiency of both surgical masks and HVAC (heating, ventilation and air conditioning) systems. Zentek's ZenGuard production facility is located in Guelph, Ont. Zentek's patent-pending ZenArmor technology platform is focused on corrosion protection applications.
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