Epsilon Energy Ltd. has received Toronto Stock Exchange ("TSX") approval to a Notice of Intention to commence a normal course issuer bid through the facilities of the TSX, permitting Epsilon to repurchase, for cancellation, up to 2,000,000 of the 51,315,323 common shares that are currently issued and outstanding.
This represents 3.8% of the issued and outstanding common shares. The average daily trading volume for the six months prior to the date of this bid is 285,006 common shares. The bid will commence on October 1, 2008, and run until the earlier of the date on which purchases under the bid have been completed and September 30, 2009.
These purchases are to be made through the facilities of the TSX in accordance with its policy statements on normal course issuer bids. The price, which Epsilon will pay for any common shares, will be the market price at the time of acquisition plus brokerage fees. Purchases may commence on October 1, 2008, and will terminate no later than September 30, 2009.
To the knowledge of the directors and officers of Epsilon, no director or officer, associate of a director or officer of Epsilon, no person acting jointly or in concert with Epsilon nor any person holding 10 percent or more of the common shares has any present intention to sell common shares during the period of the normal course issuer bid. Epsilon has not previously purchased any of its common shares.
Epsilon believes that the market price of the shares does not fully reflect the value of its business and its future business prospects and represents an attractive investment opportunity, and that consequently purchases under the bid will enhance long-term value for its remaining shareholders.
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