Givex Information Technology Group Limited (“Givex” or the “Corporation“) (TSX: GIVX) (OTCQX: GIVXF) announced today that it is entering into an Automatic Securities Disposition Plan (the “ASDP“) with Research Capital Corporation (“RCC“) in accordance with applicable Canadian securities legislation and the Corporation’s internal policies.
The ASDP permits trades to be made in accordance with pre-arranged instructions given when the Corporation is not in possession of any material undisclosed information. The ASDP will be effective on May 16, 2022 (the “Effective Date“) and will remain in effect for a minimum term of twelve (12) months from the Effective Date, after which the ASDP shall automatically renew for subsequent 12 month terms until terminated in accordance with its terms (the “Term“).
The Corporation has provided pre-arranged instructions in writing to RCC, as independent agent administering the ASDP, including the number of securities to be sold and setting out the minimum trading price. Pursuant to the terms and conditions of the ASDP, 225,115 common shares in the capital of Givex (the “Shares“) held by Givex will be sold by RCC between May 16, 2022, and September 22, 2022, at a minimum price of $0.80. The ASDP is designed to allow for an orderly disposition of the Shares over the course of the Term.
Pursuant to the ASDP, RCC is prohibited from consulting with the Corporation regarding any sale of the Shares and the Corporation is prohibited from disclosing to RCC any information concerning the Corporation that might influence the execution of the ASDP. The ASDP has been authorized and established in the form approved by the Corporation. The ASDP may be modified, terminated or amended only by a writing signed by the parties hereto (other than in accordance with a termination of the ASDP pursuant to Section 2 thereof), and provided that any such modification termination or amendment shall only be permitted at a time when the Corporation is otherwise permitted to modify, terminate or amend the ASDP under the Corporation’s Insider Trading Policy and at a time when the Corporation is not aware of or in possession of material non-public or material undisclosed information concerning the Corporation or any securities of the Corporation.
This announcement is made and will be available on SEDAR at www.SEDAR.com pursuant to the recommended practices set forth in Staff Notice 55-317 Automatic Securities Disposition Plans of the Canadian Securities Administrators. Information regarding the ASDP and transactions thereunder, as the case may be, may be accessed on SEDI at www.sedi.ca.
