Eco Atlantic Announces TSX Venture Exchange Approval for a Normal Course Issuer Bid
Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX VENTURE:EOG), announced that it has received approval from the TSX Venture Exchange (the “Exchange”) for the Company’s intention to make a normal course issuer bid (the “Issuer Bid”). Under the terms of the Issuer Bid, the Company may acquire up to 6,491,870 common shares of the Company (the “Common Shares”) from time to time in accordance with Exchange procedures, representing approximately 10% of the total number of the Common Shares held by public shareholders. As at the date hereof, the Company has a total of 88,054,399 Common Shares issued and outstanding out of which a total of 23,135,693 Common Shares are non-public shares held by directors and senior officers or held in escrow.
The Issuer Bid will commence on March 10, 2016, and will terminate on March 9, 2017, or such earlier time as the Issuer Bid is completed or terminated at the option of the Company. The Company previously purchased 6,308, 391 Common Shares through a normal course issuer bid which ended on March 1, 2016.
The Company believes that its Common Shares have been trading in a price range which does not adequately reflect their value in relation to the Company’s business and its future business prospects. As a result, depending upon future price movements and other factors, the Company believes that its outstanding Common Shares may represent an attractive investment for the Company and a desirable use of a portion of its available funds.
All Common Shares will be purchased on the open market through the facilities of the Exchange and payment for the Common Shares will be in accordance with Exchange policies. The price paid for the Common Shares will be the market price at the time of purchase. No purchases will be made other than by means of open market transactions during the term of the Issuer Bid. The Common Shares purchased by the Company will be cancelled. Purchases may be suspended by the Company at any time.
The Company has appointed Leede, Jones, Gable Inc. as its broker to conduct the Issuer Bid.
Source: Eco Atlantic
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