GEOCAN Energy Inc. files Normal Course Issuer Bid
GEOCAN Energy says that the Toronto Stock Exchange has approved the Corporation's normal course issuer bid. The maximum number of class "A" common shares of the Corporation ("Common Shares") which may be acquired by way of the issuer bid is 2,798,628, representing approximately 5% of the outstanding Common Shares and a maximum of 12,764 Common Shares may be purchased by the Corporation on any one day. As at August 24, 2007, there were 55,972,569 Common Shares outstanding. GEOCAN intends to commence the bid on September 4, 2007 and terminate the bid on September 3, 2008.
GEOCAN's Board of Directors believes that the purchase of Common Shares pursuant to the normal course issuer bid is in the best interests of GEOCAN and its shareholders as the Common Shares may become available for purchase at prices, which make them an appropriate use of GEOCAN's funds. All shares purchased under the issuer bid will be cancelled and returned to treasury. GEOCAN intends to acquire Common Shares from time to time in amounts and prices which its management believes are favorable and consistent with prudent economic and financial considerations. During the 12-month period from July 17, 2006 to July 16, 2007, the Corporation purchased 556,395 Common Shares pursuant to a normal course issuer bid approved by the TSX and which expired on July 16, 2007, at an average price of $1.60 per share.
Any purchases made by GEOCAN under the bid will be made through the facilities of and in accordance with the rules of the TSX.
GEOCAN is an oil and gas company with operations in British Columbia, Alberta and Saskatchewan. The focus of GEOCAN's current growth strategy is exploration and development while pursuing accretive acquisitions that create value for its shareholders. Fiscal discipline, operational control and a balanced risk profile are key components of this strategy.
- Arsenal to Acquire GEOCAN's Shares (Aug 08)
- GEOCAN Closes Sale of Heavy Oil Assets for $50.9 Million (Mar 07)
- GEOCAN Appoints Tristone Capital to Review Strategic Alternatives (Mar 07)