News & Media



June 4, 2021, Toronto, Ontario – FAX Capital Corp. (the Company) (TSX:FXC & FXC.WT) is pleased to announce that it has received approval from the Toronto Stock Exchange (the TSX) for the renewal of its Normal Course Issuer Bid (the NCIB) to enable the Company to purchase, through the facilities of the TSX and/or alternative Canadian trading systems, up to 1,488,480 of its subordinate voting shares (the Subordinate Voting Shares), representing 10% of the public float, pursuant to applicable TSX rules and policies. As at May 31, 2021, the Company had 15,812,608 Subordinate Voting Shares issued and outstanding and a public float of 14,884,805 Subordinate Voting Shares.

The Company believes that the market price of Subordinate Voting Shares at certain times may be attractive and that the purchase of Subordinate Voting Shares from time to time would be an appropriate use of corporate funds in light of the potential benefits to the remaining shareholders.

Purchases under the NCIB renewal may commence on June 8, 2021, and will terminate on the earlier of June 7, 2022, and the date upon which the Company has acquired the maximum number of Subordinate Voting Shares permitted under the NCIB.  The price that the Company will pay for any such Subordinate Voting Shares will be the market price of such shares at the time of acquisition.  The Company will not purchase on any given day, in aggregate, more than 3,687 Subordinate Voting Shares (the Daily Limit), being 25% of the average daily volume for the six-month period ended May 31, 2021, which is 14,748 Subordinate Voting Shares, calculated in accordance with TSX rules.  The Company may, however, complete one block purchase per calendar week that exceeds the Daily Limit in accordance with TSX rules.  All Subordinate Voting Shares acquired under the NCIB will be cancelled.

In conjunction with the renewal of its NCIB, the Company has entered into a new Automatic Securities Repurchase Plan with a designated broker, which provides standard instructions regarding how the Company’s Subordinate Voting Shares are to be purchased under the NCIB during certain pre-determined trading blackout periods, subject to pre-established parameters.  Outside of these pre-determined trading blackout periods, purchases under the NCIB will be completed based upon management’s discretion.   

The Automatic Securities Repurchase Plan constitutes an “automatic plan” for the purposes of applicable Canadian securities legislation and has been reviewed and approved by the TSX.  

The Company’s previous NCIB commenced on June 8, 2020 and expires on June 7, 2021 (the Previous NCIB). Under the Previous NCIB, the Company obtained the approval of the TSX to purchase up to 1,519,037 Subordinate Voting Shares for cancellation. As at May 31, 2021, the Company had purchased through the facilities of the TSX and/or alternative Canadian trading systems an aggregate of 247,063 Subordinate Voting Shares at a weighted average purchase price of $3.40 per Subordinate Voting Share, and total cash consideration of $840,386.

About FAX Capital Corp.

The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States.

For additional information please contact:

Investor Relations
Tim Foran
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations
Kieran Lawler
Telephone: (416) 303-0799
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information. Such forward-looking information or statements (FLS) are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the Company’s utilization of the NCIB and the Company’s intended investment strategy.

FLS involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes that the expectations reflected in the FLS are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors which could cause results to differ materially from those expressed in FLS contained in this press release include, but are not limited to: the continued impact of COVID-19 and the economy and markets generally, as well as the identified risk factors included in the Company’s public disclosure, including the Annual Information Form dated March 25, 2021 which is available on SEDAR at www.sedar.comand on the Company’s website at The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice.

Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available at

No securities regulatory authority has either approved or disapproved of the contents of this news release. The TSX accepts no responsibility for the adequacy or accuracy of this release.