PetroBakken Energy arranges 9,361,755-share buyback
PetroBakken Energy Ltd (C:PBN)
Shares Issued 187,235,094
Last Close 9/9/2011 $10.94
Monday September 12 2011 - News Release
Mr. John Wright reports
PETROBAKKEN ANNOUNCES NORMAL COURSE ISSUER BID
PetroBakken Energy Ltd.'s board of directors has approved a normal course issuer bid (NCIB).
The Toronto Stock Exchange has accepted the corporation's notice to make the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, PetroBakken is authorized to purchase up to 9,361,755 common shares, representing approximately 5 per cent of the currently issued and outstanding common shares of PetroBakken. As of today's date, there are 187,235,094 common shares outstanding. On any trading day, PetroBakken will not purchase more than 200,724 common shares.
PetroBakken is authorized to make purchases during the period from Sept. 14, 2011, to Sept. 13, 2012, or until such earlier time as the NCIB is completed or terminated at the option of PetroBakken. Any common shares PetroBakken purchases under the NCIB will be purchased on the open market through the facilities of the TSX and other markets, including Alpha, Omega, Pure, Chi-X and Match Now, at the prevailing market price at the time of the transaction. All common shares acquired under the NCIB will be cancelled.
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