RCS - Polaris Renewable - Polaris Renewable Energy Normal Course Issuer Bid

Polaris Renewable EnergyAnnouncement

21/08/2023 14:15

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RNS Number : 9468J  Polaris Renewable Energy Inc  21 August 2023

Polaris Renewable Energy Announces Normal Course Issuer Bid

TORONTO, ON / ACCESSWIRE / August 21, 2023 /Polaris Renewable Energy Inc.
(TSX:PIF) ("Polaris" or the "Company") today announced that the Toronto Stock
Exchange ("TSX") has accepted its notice of intention to proceed with a normal
course issuer bid ("NCIB").

Under the NCIB, Polaris may purchase up to 2,048,273 of its common shares
("Shares"), representing approximately 10% of the Company's public float (as
such term is defined in the TSX Company Manual) during the twelve month period
commencing August 23, 2023 and ending August 22, 2024. As at August 18, 2023,
the Company had 21,025,775 Shares issued and outstanding and its public float
consisted of 20,482,730 Shares.

The average daily trading volume of the Shares on the TSX for the most
recently completed six calendar months prior to the commencement of the NCIB
was 29,942. As a result, in accordance with TSX rules, the Company may
purchase up to 7,485 Shares on the TSX under the NCIB during any trading day,
subject to the Company's ability to purchase additional Shares pursuant to the
TSX's block purchase exemption. Any Shares purchased under the NCIB will be
cancelled.

The Company's Board of Directors believes that having the NCIB in place
provides the Company with flexibility to manage its capital position. The NCIB
will enable the Company to use, when determined appropriate, its available
free cash to increase shareholder value and is in the best interest of the
Company and its shareholders. As at June 30, 2023, the Company had USD$37.3
million of un-restricted consolidated cash on hand.

Although the Company intends to purchase Shares under the NCIB, there can be
no assurances that any purchases will be completed. The timing and amount of
purchases, if any, under the NCIB are subject to the discretion of management
based on various factors, including prevailing market conditions. Any
purchases made under the NCIB will be made by Polaris at the prevailing market
price, plus applicable brokerage fees through the facilities of the TSX, and
alternative Canadian trading systems.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a
Canadian publicly traded company engaged in the development, construction,
acquisition, and operation of renewable energy projects in Latin America.

The Company's operations are in 5 Latin American countries and include a
geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (~33 MW), and 3
solar (photovoltaic) projects in operation (~35 MW).

For more information, contact:

Investor Relations

Polaris Renewable Energy Inc.

Phone: +1 647-245-7199

Email: info@PolarisREI.com

Cautionary Statements

This press release contains certain "forward-looking information" which may
include, but is not limited to, statements with respect to future events or
future performance, management's expectations regarding the timing and amount
of purchases of Shares, if any, made under the NCIB, as well as the benefits
of such purchases, including providing flexibility to the Company in managing
its capital position.Such forward-looking information reflects management's
current beliefs and is based on information currently available to management.
Often, but not always, forward-looking statements can be identified by the use
of words such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "predicts", "intends", "targets", "aims",
"anticipates" or "believes" or variations (including negative variations) of
such words and phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or "will" be taken,
occur or be achieved. A number of known and unknown risks, uncertainties and
other factors may cause the actual results or performance to materially differ
from any future results or performance expressed or implied by the
forward-looking information. Such factors include, among others, the inability
of the Company to pay for any Shares it wishes to purchase, the price of the
Shares purchased or the affect that any such purchases have on the Company's
capital position, all of which may be affected by such factors as general
business, economic, competitive, political and social uncertainties; the
actual results of current geothermal, solar and hydro energy production,
development and/or exploration activities and the accuracy of probability
simulations prepared to predict prospective geothermal resources; changes in
project parameters as plans continue to be refined; possible variations of
production rates; failure of plant, equipment or processes to operate as
anticipated; accidents, labor disputes and other risks of the geothermal and
hydro power industries; political instability or insurrection or war; labor
force availability and turnover; delays in obtaining governmental approvals or
in the completion of development or construction activities, or in the
commencement of operations; the ability of the Company to continue as a going
concern and general economic conditions, as well as those factors discussed in
the section entitled "Risk Factors" in the Company's Annual Information Form.
These factors should be considered carefully, and readers of this press
release should not place undue reliance on forward-looking information.

Although the forward-looking information contained in this press release is
based upon what management believes to be reasonable assumptions, there can be
no assurance that such forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue
reliance on forward-looking information. The information in this press
release, including such forward-looking information, is made as of the date of
this press release and, other than as required by applicable securities laws,
Polaris assumes no obligation to update or revise such information to reflect
new events or circumstances.

SOURCE: Polaris Renewable Energy Inc.

 

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