09:46 AM EDT, 05/30/2024 (MT Newswires) -- Kits Eyecare ( KTYCF ) on Thursday announced the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to purchase a portion of its common shares.

A statement noted as at May 21, 2024, KITS had 31,450,102 issued and outstanding common shares. Pursuant to the NCIB, KITS may repurchase up to a maximum of 1,572,505 common shares, representing about 5% of its issued and outstanding common shares. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading systems on which the common shares are traded, based on the prevailing market price. The total number of common shares the Company is permitted to purchase is subject to a daily purchase limit of 4,889 common shares, representing 25% of the average daily trading volume of common shares on the TSX calculated for the six-month period ended April 30, 2024, being approximately 19,557 common shares. However, the company may make one block purchase per calendar week which exceeds the daily repurchase restriction. Any common shares purchased under the NCIB will be cancelled.