Manitok Energy Inc. (TSXV: MEI) intends to conduct a normal course issuer bid to purchase for cancellation up to 6.5 million common shares in the capital of Manitok representing 10% of its public float.
Manitok plans to fund the bid with its funds from operations and available financing under its credit facility. The bid will be conducted through the facilities of the TSX Venture Exchange. The bid is being launched because management is of the view that the purchase of its common shares at the appropriate level will help create additional value for Manitok's shareholders.
It is expected that the bid will commence on June 18 and will continue until June 17, 2014 or such earlier date as Manitok has purchased the maximum of 6.5 million common shares. Integral Wealth Securities Ltd. is broker.
During the bid, the corporation will be observing the purchasing restrictions during "black out" periods pursuant to Manitok's share trading policy. Manitok intends to implement an automatic share purchase plan with its broker to allow it to purchase common shares under the bid while in such "black out" periods.
Under Manitok's automatic share purchase plan, Manitok's broker may purchase the common shares under the bid at any time including without limitation when Manitok would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods, pursuant to Manitok's share trading policy. Purchases will be made by Manitok's broker based on parameters prescribed by the policies of the TSX Venture Exchange and applicable Canadian securities laws and the terms of the parties' written agreement.
Manitok Energy Inc. engages in the acquisition, exploration, development, and production of petroleum and natural gas reserves in Western Canada. The company is headquartered in Calgary.
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