Under the Bid, the Corporation may purchase for cancellation as follows:
| Ticker | Issued and | % of issued and | Maximum number of |
Common shares | INE | 204,401,736 | 5 % | 10,220,086 |
The Bid will commence on
During the last six months, the average daily trading volume on the TSX of the Corporation's Common shares was 606,990. Consequently, in accordance with the policies of the TSX, the Corporation will have the right to repurchase, during anyone trading day, a maximum of 151,747 Common shares, representing 25% of the average daily trading volume. In addition, the Corporation will be allowed to make, once per calendar week, a block purchase (as defined in the TSX Company Manual) of Common shares not directly or indirectly owned by insiders of the Corporation, in accordance with the policies of the TSX.
Purchases will be made on behalf of the Corporation by a registered broker through the facilities of the TSX or through Canadian alternative trading systems at prevailing market prices.
The Corporation believes that the market price of its Common shares may, from time to time, not reflect the inherent value of the Corporation and that purchases of its Common shares pursuant to the Bid, may represent an appropriate and desirable use of the Corporation's funds. Therefore, the Corporation believes that it is in its best interest to proceed with this Bid. The Corporation has not purchased any Common shares within the past 12 months.
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Forward-looking information disclaimer
This press release contains forward-looking information within the meaning of applicable securities laws ("Forward-Looking Information"). All information and statements other than statements of historical facts contained in this press release is Forward-Looking Information. Forward-Looking Information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "forecasts", or other comparable terminology that states that certain events will or will not occur, such as the possible purchase by the Corporation of its common shares under the Bid.
Forward-Looking Information is based on certain key assumptions made by the Corporation, including, without restriction, those concerning hydrology, wind regimes and solar irradiation; performance of operating facilities, acquisitions and commissioned projects; project performance; availability of capital resources and timely performance by third parties of contractual obligations; favourable market conditions for share issuance to support growth financing; favourable economic and financial market conditions; the Corporation's success in developing and constructing new facilities; successful renewal of PPAs; sufficient human resources to deliver service and execute the capital plan; no significant event occurring outside the ordinary course of business such as a natural disaster, pandemic or other calamity; continued maintenance of information technology infrastructure and no material breach of cybersecurity.
For more information on the risks and uncertainties that may cause actual results or performance to be materially different from those expressed, implied or presented by the forward-looking information or on the principal assumptions used to derive this information, please refer to the "Forward Looking Information" section of the Management's Discussion and Analysis for the three-month periods ended
Although the Corporation believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable under the current circumstances, readers are cautioned not to rely unduly on this Forward-Looking Information, since no assurance can be given that it will prove to be correct. Forward-Looking Information contained herein is made as at the date of this Press Release and the Corporation does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of events or circumstances occurring after the date hereof, unless so required by legislation.
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