Northfield Announces Normal Course Issuer Bid

TORONTO, July 20, 2020 (GLOBE NEWSWIRE) — Northfield Capital Corporation (“Northfield”) announced today its intention to effect a normal course issuer bid through the facilities of the TSX Venture Exchange, subject to receipt of regulatory approval.

Upon receiving regulatory approval, Northfield may, during the 12 month period commencing July 23, 2020 and ending July 22, 2021, purchase on the TSX Venture Exchange up to 113,103 Class A restricted voting shares in total, representing approximately 5% of the Class A restricted voting shares currently issued and outstanding. The price which Northfield will pay for any such shares will be the market price at the time of acquisition. The actual number of Class A restricted voting shares which may be purchased and the timing of any such purchases will be determined by Northfield. Northfield has retained Leede Jones Gable Inc. to effect purchases on its behalf pursuant to the bid. Northfield is effecting the bid at this time as it believes that its Class A restricted voting shares are undervalued at their current market prices and that the purchase of Class A restricted voting shares would be a prudent use of funds.

Northfield previously repurchased for cancellation 88,530 Class A restricted voting shares at an average price of approximately $32.16 (including commissions) per share pursuant to a normal course issuer bid that existed over a 12-month period expiring July 7, 2020, all of which have been cancelled.

Northfield is an investment company with interests in the technology, manufacturing and resource industries.

For further information, please contact:

Michael G. Leskovec, Chief Financial Officer
Telephone: (647) 794-4360

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.