DMG Blockchain Solutions Inc. has announced that its Board of Directors has authorized the purchase of up to 4,662,474 of its common shares over the next twelve months by means of a share buy-back program through the facilities of the TSX Venture Exchange.
DMG is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem.
DMG has filed a notice of intention to undertake a normal course issuer bid with the Exchange for the purchase of up to 5% (4,662,474 common shares) of the company's issued share capital over a twelve-month period commencing in not less than three trading days.
All purchases under the buy-back program will be in accordance with the rules of the Exchange. Common shares purchased under the program will be cancelled. DMG has engaged Raymond James to undertake the share buy-back program on the Exchange. The company has not purchased any of its common shares during the previous twelve months.
The normal course issuer bid is subject to the approval of the Exchange.
DMG believes that the company's shares are undervalued in the marketplace. This provides an opportunity for DMG to purchase common shares at attractive prices; the purchases are an appropriate use of funds, which will enhance value of the common shares held by remaining shareholders.