Sierra Wireless Inc. (TSX:SW) filed a Notice of Intention on the Toronto Stock Exchange to commence a normal course issuer bid on January 28, 2013.

On February 6, 2013, the company announced that it has received approval from the Toronto Stock Exchange to commence a normal course issuer bid and will repurchase up to 1,529,687 common shares, representing 5.1% of the public float and 5% of the common shares issued and outstanding, as on February 6, 2013. The price which Sierra Wireless will pay for any such common shares will be the market price at the time of acquisition and purchases will be made by Sierra Wireless through the facilities and in accordance with the rules of the TSX and Rule 10b-18 under the U.S. Securities Exchange Act of 1934 (“Rule 10b-18”). Sierra Wireless will make no purchases of common shares other than open market purchases or other means approved by the TSX. In addition, purchases of common shares through the facilities of the Nasdaq Stock Market will be made in compliance with Rule 10b-18, which contains similar restrictions on the number of shares that may be repurchased based on the average daily trading volumes of the common shares on Nasdaq, subject to certain exceptions for block purchases. In addition, purchases may also be made through other Canadian marketplaces. Shares will be repurchased for cancellation. The actual number of common shares of the company that are purchased, if any, and the timing of such purchases will be determined by the company. The Board of Directors of Sierra Wireless believes that the proposed purchases are in the best interests of Sierra Wireless and are a desirable use of corporate funds. Other than block purchases allowable under the TSX rules, purchases will be subject to a daily restriction of 13,322 common shares, being 25% of the average daily trading volume for the preceding six months. The bid will commence on February 14, 2013 and will terminate on the earlier of February 13, 2014, the date Sierra Wireless completes its purchases pursuant to the notice of intention filed with the TSX, or the date of notice by Sierra Wireless of termination of the bid. As of January 31, 2013, the company had 30,593,751 common shares issued and outstanding and 30,020,245 common shares in public float.