CALGARY, Alberta, May 30, 2024--(BUSINESS WIRE)--Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX: MEQ) today announced that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Corporation ("Shares") on the open market in accordance with the rules of the TSX.

The Corporation is authorized to purchase up to 475,229 Shares under the normal course issuer bid, representing approximately 10% of its public float of issued and outstanding Shares, as of May 22, 2024. As of that date, there were 9,318,818 Shares issued and outstanding. The average daily trading volume of the Shares for the past six months ended April 30, 2024, calculated in accordance with the rules of the TSX, was 3,017 and Mainstreet is subject to a daily repurchase limit of 1,000 Shares. Mainstreet intends to commence the normal course issuer bid on June 3, 2024 and terminate the bid on June 2, 2025 or such earlier time as the bid is completed or terminated at the option of Mainstreet.

All shares purchased under this bid will be purchased in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled.

Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. During the period between June 3, 2023 and the date hereof, Mainstreet repurchased Nil Shares under its previous normal course issuer bid. Mainstreet had approval from the TSX to acquire up to 474,499 Shares under such previous normal course issuer bid.

Mainstreet’s Board of Directors believes that, from time to time, the market price of its Shares may not reflect their underlying value. At such times, the Board of Directors believe that the purchase of Shares for cancellation pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders, as the cancellation of the Shares will increase the value of the remaining Shares.

Forward-Looking Information

Certain statements contained herein constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to, among other things, Mainstreet’s intentions to acquire Shares pursuant to the normal course issuer bid, the timing of such bid and that the repurchase and cancellation of the Shares pursuant to the bid is in the best interests of the shareholders and that it will increase the value of the remaining Shares. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.