Globalive Technology to Implement Normal Course Issuer Bid Share Buy-Back Program in 2020

Globalive Technology Inc. (TSX-V: LIVE) (the “Company”), a technology company focused on developing innovative payment, billing and credit solutions for consumers and businesses, has submitted a notice of its intention to implement a normal course issuer bid program (the “Share Buy-Back Program”) to the Exchange.

The Company is proposing the Share Buy-Back Program because it believes the market price of its common shares, from time to time, may not reflect their underlying value. Expending some of the Company’s available capital to purchase shares for cancellation that can be reissued at a higher share price in future financings is expected to provide a net benefit to the Company and its shareholders.

Under the Share Buy-Back Program, the Company intends to purchase for cancellation up to 7,002,901 common shares, which represents approximately 5.0% of its 140,058,024 currently issued and outstanding common shares.  Pursuant to Exchange rules, the Company may not purchase more than 2.0% of its then issued and outstanding common shares in any consecutive 30-day period. Purchases pursuant to the Share Buy-Back Program may commence on January 22, 2020 and will terminate on December 31, 2020 or on such earlier date as the Company may complete its purchases or otherwise terminate the bid.

The Company intends to retain Canaccord Genuity Corp. as its Exchange Member and broker (the “Broker”) to assist with the Share Buy-Back Program. Shares will be purchased over the facilities of the Exchange, or through alternative trading systems to the extent approved by the Exchange, at the prevailing market price at the time of purchase. The proposed Share Buy-Back Program is an automatic securities purchase plan, such that the specific timing of any share purchase under the program will be determined by the Broker in accordance with applicable laws and standing instructions from management with respect to maximum price and total funds available for purchases. There can be no assurance as to the precise number of common shares that will be repurchased under the Share Buy-Back Program or the price at which they will be purchased, and the Company may discontinue its purchase at any time, subject to compliance with applicable regulatory requirements.

The Share Buy-Back Program remains subject to approval by the Exchange and will not proceed until such approval is obtained.

SOURCE Globalive Technology