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EverGen Infrastructure Corp. (TSX.V: EVGN) (OTCQB: EVGIF) Buying 50% of Project Radius and Up to 5 Percent of Its Own Stock

  • EverGen has initiated a share buyback program, or normal-course issuer bid as it is called in Canada
  • The Company is allowed to repurchase 668,370 shares of its common stock, representing ~5% of the total shares issued and outstanding. The shares will be retired.
  • With an established RNG footprint in Western Canada, EverGen entered the Eastern markets in May with an agreement to acquire 50% of Project Radius

In the U.S., it’s called a share repurchase plan. In Canada, it’s a normal-course issuer bid (“NCIB”). Whatever the name, a company buying back shares in the open market and retiring them is good for shareholders because fewer shares available make those outstanding more valuable. Earlier this month, EverGen Infrastructure (TSX.V: EVGN) (OTCQB: EVGIF) launched an NCIB undergirded by management’s contention that, “from time to time, the market price of the common shares may not fully reflect the underlying value of the company’s business and its future prospects.”

EverGen is focused on fighting climate change and helping communities contribute to a sustainable future by acquiring, developing, owning, and operating a portfolio of Renewable Natural Gas (“RNG”), waste-to-energy, and related infrastructure projects. RNG is pipeline-quality gas derived from biogas, which is produced from decomposing organic waste from landfills, agricultural waste, and wastewater from treatment plants. It is fully interchangeable with conventional natural gas with the benefit of being much better for the environment (no drilling required for RNG either). In fact, RNG is not just carbon-free, it is carbon-negative.

Furthermore, digestate, the byproducts from the anaerobic digester process used in making RNG, has utility for use in fertilizer, soil amendments, and other products. RNG is cleaner every step of the way.

The Vancouver-based company started regionally in Western Canada with three owned and operated RNG and/or organic processing facilities as it pursues similar clusters throughout the country and seeks to lock down long-term RNG supply contracts. EverGen made its initial foray into Eastern Canada last month with an agreement to acquire a 50% interest in a portfolio of RNG development projects in Ontario known as Project Radius

During the first quarter, EverGen booked CAD$1.4 million in revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of CAD$0.6 million. That was roughly in line with the year prior despite shutdowns due to the epic floods that crippled parts of British Columbia during the quarter. The company ended the quarter with CAD$20.2 million in cash and cash equivalents.

“EverGen is in a strong position to expedite growth as Canada’s RNG infrastructure platform and we have continued to deliver on our goals,” said Chase Edgelow, CEO of EverGen, in a press release on Q1 performance.

With the NCIB approved by the TSX Venture exchange as of June 8, 2022, EverGen can purchase common shares of EVGN at its discretion through June 7, 2023. The transactions will be carried out through the facilities of the TSX Venture Exchange by Clarus Securities on behalf of EverGen.

NCIB rules stipulate a maximum number of shares that can be repurchased and at what pace. For EverGen’s NCIB, the company can acquire up to 668,370 shares of its common stock over the next year, representing about 5 percent of the company’s 13.37 million issued and outstanding. No more than 2 percent of the issued and outstanding shares can be purchased during any 30-day period.

All repurchased shares of EVGN will be returned to the treasury and canceled. 

For more information, visit the company’s website at www.EvergenInfra.com.

NOTE TO INVESTORS: The latest news and updates relating to EVGIF are available in the company’s newsroom at https://nnw.fm/EVGIF

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