MISSISSAUGA, ON, Canada — The Second Cup Ltd. (“Second Cup” or the “Company”) (TSX: SCU) announced today that the Toronto Stock Exchange (the “TSX”) has approved its notice of intention to make a normal course issuer bid for a portion of its common shares (“Common Shares”).
The normal course issuer bid will be made in accordance with the requirements of the TSX. Second Cup may begin to purchase Common Shares on December 20, 2018.
As of December 18, 2018, 19,940,073 Common Shares were outstanding. Pursuant to the normal course issuer bid, Second Cup intends to acquire up to 1,000,000 Common Shares, representing approximately 7.4% of its public float of 13,463,184 Common Shares, in the 12-month period commencing December 20, 2018 and ending on December 19, 2019, or such earlier time that Second Cup completes its purchases pursuant to the normal course issuer bid or provides notice of termination.
Purchases under the normal course issuer bid will be funded through available resources and made by Second Cup through the facilities of the TSX and other alternative Canadian trading systems and in accordance with applicable regulatory requirements. The price that Second Cup will pay for any Common Shares will be the market price of such Common Shares at the time of acquisition.
Under the normal course issuer bid, Second Cup may purchase up to 12,071 Common Shares on the TSX during any trading day, which is 25% of 48,284 (the average daily trading volume for Second’s Common Shares on the TSX for the six months ended November 30, 2018).
This limitation does not apply to purchases made pursuant to block purchase exemptions.  Common Shares that are purchased under the normal course issuer bid will be cancelled upon their purchase by Second Cup.
Second Cup believes that the repurchase of a portion of outstanding Common Shares is an appropriate use of available resources and is in the best interests of Second Cup and its shareholders.
