CALGARY, ALBERTA--(Marketwired - June 19, 2013) - Americas Petrogas Inc. (TSX VENTURE:BOE) (the "Company") announces that it has made the necessary filings with the TSX Venture Exchange (the "Exchange") and received the necessary approvals to make a Normal Course Issuer Bid ("NCIB") to buy-back, through the facilities of the Exchange, some of its common shares commencing on June 21, 2013 and terminating on June 20, 2014 or such earlier date as all shares which are subject to the NCIB are purchased.
Americas Petrogas believes that its common stock is significantly undervalued. The Company believes that the underlying value of the Company is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and so the Company has concluded that the repurchase of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of the Company's existing financial resources and would be in the best interest of the Company's shareholders in order to enhance shareholder value.
The Company intends to attempt to acquire up to an aggregate of 10,638,972 of its common shares over the next 12 month period representing 5% of the issued and outstanding common shares, which, as of June 19, 2013, is 212,779,440 common shares. The actual number of common shares that will be purchased, if any, and the timing of such purchases will be determined by the Company considering market conditions, stock prices, its cash position, and other factors. There cannot be any assurance as to how many common shares, if any, will ultimately be acquired by the Company under the NCIB.
Purchases subject to this NCIB will be carried out pursuant to open market transactions through the facilities of the Exchange by Mackie Research Capital Corporation on behalf of the Company. Once purchased the common shares will be returned to treasury for cancellation.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil and Apache, on various blocks in the shale oil and gas corridor in the Neuquen Basin, Argentina. For more information about Americas Petrogas, please visit www.americaspetrogas.com.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, statements (express or implied) contained herein regarding the Company's views regarding the market price of its common shares, the acquisition of common shares pursuant to the normal course issuer bid and the objectives of the normal course issuer bid should be viewed as forward looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE 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.
- Stocks & Offerings
- Company Earnings
- TSX Venture Exchange
Barclay Hambrook, P. Eng., MBA
President and CEO