WeCommerce Announces Renewal of Normal Course Issuer Bid

WeCommerce Holdings Ltd. announced that the TSX Venture Exchange (the “Exchange”) has accepted the Company’s Notice of Intention to renew a normal course issuer bid (“NCIB”).

Pursuant to the NCIB, WeCommerce may, during the 12 month period commencing on or about September 27, 2022 and ending on or about September 26, 2023 (the “End Date”), purchase up to 2,078,140 common shares of the Company (“Common Shares”), being approximately 5% of the outstanding Common Shares. The NCIB shall terminate on the earlier of the End Date and the date on which the maximum number of Common Shares purchasable under the NCIB is acquired by the Company.

The actual number of Common Shares which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the Board of Directors of WeCommerce. The NCIB will be conducted through Tommy MacNicol, Director, TD Securities Inc., and made in accordance with the policies of the Exchange.

The price which the Company will pay for any such Common Shares will be the market price at the time of acquisition. All Common Shares purchased pursuant to the NCIB will be returned to treasury for cancellation, and all such purchases will be made on the open market through the facilities of the Exchange or by such other means as may be permitted under applicable securities laws during the term of the NCIB.

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The Company is implementing the NCIB because it believes, from time to time, the market price for its Common Shares may not fully reflect the underlying value of the Company’s business and its future prospects. Accordingly, the Company believes purchasing its Common Shares may represent an appropriate and desirable use of the Company’s funds and represents an opportunity to enhance shareholder value.

In addition, the Company has entered into an automatic share purchase plan (the “ASPP”) with TD Securities Inc. to facilitate repurchases of the Common Shares under the NCIB. The ASPP is intended to allow for the purchase of Common Shares under the NCIB at times when the Company may not ordinarily be permitted to purchase its shares due to regulatory restrictions and self-imposed blackout periods. Pursuant to the ASPP, TD Securities Inc. is authorized to purchase up to 2,078,140 Common Shares. Such purchases will be determined by the broker at its sole discretion based on the purchasing parameters set out by the Company in accordance with the rules of the Exchange, applicable securities laws and the terms of the ASPP. The ASPP will terminate on the earlier of the date on which: (i) the NCIB expires; and (ii) the Company terminates the ASPP in accordance with its terms.

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