CALGARY, ALBERTA--(Marketwired - Oct. 22, 2013) - Tuscany Energy Ltd. (TSX VENTURE:TUS) announced that it has filed with the TSX Venture Exchange (the "Exchange") a Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 906,220 of the issued and outstanding Common Shares (being approximately 5% of the 18,124,395 Common Shares outstanding at October 18, 2013. Purchases will be made on the open market through the facilities of the Exchange. CIBC Wood Gundy will conduct the Bid on behalf of Tuscany. The price which Tuscany will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase.
Pursuant to a Normal Course Issuer Bid during the last twelve months, Tuscany has purchased 754,375 Common Shares (adjusted for the 8 for 1 consolidated as of July 16, 2013) at an average price of approximately $0.46 being 99% of the shares authorized pursuant to the Notice of Intention to Make a Normal Course Issuer Bid dated October 29, 2012.
The Bid will commence on October 24, 2013 and will terminate on the earlier of October 23, 2014, or the date on which Tuscany has acquired all of the shares sought pursuant to the bid. Any shares acquired by Tuscany pursuant to the bid will be cancelled.
The Board of Directors of Tuscany believe that the current and recent market prices of Tuscany's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to Tuscany shareholders who would like to dispose of their shares.
ADVISORY: Certain information regarding the Company in this News Release including the purchase of up to 5% of the Company's common shares under a normal course issuer bid and the approval from the Exchange to proceed with the bid may constitute forward-looking statements under applicable securities laws. Actual results may differ materially from those anticipated in the forward-looking statements. Additional information on other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.tuscanyenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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.
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Robert W. Lamond, Chairman & CEO
or Donald K. Clark, Vice President Operations & COO