FOR: PACE OIL & GAS LTD.
Pace Oil & Gas Ltd. Announces Normal Course Issuer BidJUN 28, 2012 - 08:30 ET
CALGARY, ALBERTA--(Marketwire - June 28, 2012) -
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Pace Oil & Gas Ltd. (the "Corporation" or "Pace") (TSX:PCE) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its notice to make a normal course issuer bid (the "Bid"). Pursuant to the bid, Pace may purchase, from time to time, as it considers advisable, up to 2,354,550 (the "Maximum Share Amount") of its 47,091,000 issued and outstanding common shares (as of June 26, 2012) on the open market through the facilities of the TSX. The Maximum Share Amount represents 5% of outstanding common shares of Pace. In accordance with the rules of the TSX governing normal course issuer bids, the total number of shares the Corporation is permitted to purchase is subject to a daily purchase limit of 29,306 common shares, representing 25% of the average daily trading volume of Pace common shares on the TSX for the six month period ended May 31, 2012; provided, however, that Pace may make one block purchase per calendar week which exceeds the daily repurchase restriction subject to the Maximum Share Amount. The price that the Corporation will pay for any common shares acquired under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired by Pace under the Bid will be cancelled. The Bid will commence on July 3, 2012 and will terminate on July 2, 2013 or such earlier time as the Bid is completed or terminated at the option of the Corporation.
Pace believes that, from time to time, the market price of the Pace common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation may increase the proportionate interest of, and be advantageous to, all remaining shareholders.
During the past twelve months, Pace has purchased 657,300 shares for cancellation at a weighted average price of $ 4.30 per share under its previous normal course issuer bid which commenced June 30, 2011 and will expire June 29, 2012.
Pace Oil & Gas Ltd. is a Calgary, Alberta based intermediate sized oil-weighted company with a large portfolio of near term oil resource opportunities in the Western Canadian Sedimentary Basin.
TSX SYMBOL: PCE