Medicure announces normal course issuer bid

Medicure Inc. (“Medicure” or the “Company”) (TSXV: MPH) (OTC: MCUJF), a pharmaceutical company, is pleased to announce that the TSX Venture Exchange (“TSXV”) has accepted the Company’s notice of intention to make a normal course issuer bid (“NCIB”).

Under the terms of the NCIB, Medicure may acquire up to an aggregate of 533,116 common shares. In the opinion of the Company, its common shares have been trading at prices that do not reflect its underlying value. Accordingly, Medicure believes that purchasing its common shares for cancellation, at present pricing, represents an opportunity to enhance value for its shareholders.

As of June 29, 2020, the Company had 10,662,313 common shares outstanding, of which 4,655,353 common shares represent the public float of Medicure. Under TSXV policies, Medicure is entitled to purchase up to the maximum of 533,116 common shares, representing 5% of the common shares outstanding, over the 12-month period that the NCIB is in place.

The NCIB will commence on June 30, 2020 and will end on June 29, 2021, or on such earlier date as Medicure may complete its maximum purchases under the NCIB. The actual number of common shares which will be purchased, if any, and the timing of such purchases will be determined by the Company. All common shares purchased by the Company will be purchased on the open market through the facilities of TSXV by PI Financial Corp. (“PI”) acting on behalf of the Company in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation. The prices that the Company will pay for common shares purchased will be the market price of the shares at the time of purchase.

The Company also announces that it has entered into an automatic share purchase plan with PI (the “Plan”) in order to facilitate repurchases of its common shares under the NCIB. Under the Plan, PI may purchase common shares at times when the Company would ordinarily not be permitted to do so, due to regulatory restrictions or self-imposed blackout periods.

Purchases under the Plan will be made by PI based upon parameters prescribed by the TSXV, applicable Canadian securities laws and terms of the Plan.

On December 20, 2019, the Company completed a Substantial Issuer Bid pursuant to which the Company purchased 4,000,000 of its common shares for cancellation at a set purchase price of $6.50 per common share for a total purchase price of $26.0 million in cash.

Under the Company’s previous NCIB, which expired on May 29, 2020, the Company purchased and cancelled 563,000 of its common shares between May 30, 2019 and May 29, 2020 for a total cost to the Company of $2.2 million. –  MB Bureau