International oil and gas production and exploration company TAG Oil intends to launch a normal course issuer bid to purchase up to 1,364,582 of its common shares through the facilities of the TSX Venture Exchange.
The purchase of common shares under the bid will enable the Company to acquire its shares for cancellation.
TAG believes that the market price of the Company's common shares may not reflect their underlying value and that the purchase of common shares for cancellation will increase the proportionate interest of, and will be advantageous to, all remaining shareholders.
The shares that may be repurchased over a twelve-month period represent approximately 10% of the Company's 16,809,722 outstanding common shares in the public float. The Company has appointed First Canada Capital Partners Inc. as the Member that will be conducting the bid on behalf of the Company with purchases under the bid being able to commence on October 2, 2009. The amount and timing of such purchases will be determined by TAG and are limited to purchasing a maximum of 2% of the Company's outstanding common shares in any thirty day period.
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