05:17 PM EDT, 03/14/2024 (MT Newswires) -- Exchange Income Corporation ( EIFZF ) Thursday announced that the Toronto Stock Exchange has approved the renewal of EIC's normal course issuer bid for the common shares of EIC and certain series of debentures of EIC.

Pursuant to the NCIB, EIC can purchase up to an aggregate of 4.4 million Common Shares; $7.9 million principal amount of 7 year 5.35% convertible unsecured subordinated debentures of EIC (Debentures (June 2018)); $8.6 million principal amount of 7 year 5.75% convertible unsecured subordinated debentures of EIC (Debentures (March 2019)); $14.3 million principal amount of 7 year 5.25% convertible unsecured subordinated debentures of EIC (Debentures (July 2021)); and $11.5 million principal amount of 7 year 5.25% convertible unsecured subordinated debentures of EIC (Debentures (December 2021)), representing 10% of the public float of each series of Securities as at March 5, 2024.

Purchases of Securities pursuant the NCIB may be made through the facilities of the TSX commencing on March 19, 2024 and ending on March 18, 2025, or an earlier date in the event that EIC purchases the maximum number of each of the Securities available under the NCIB. EIC will pay the market price at the time of acquisition for any Securities purchased through the facilities of the TSX.

All Securities acquired directly by EIC under the NCIB will be cancelled.

As at March 5, 2024, there were 47.2 million Common Shares, $79.7 million principal amount of Debentures (June 2018), $86 million principal amount of Debentures (March 2019), $143.7 million principal amount of Debentures (July 2021), and $115 million principal amount of Debentures (December 2021) issued and outstanding.