TUSCANY ANNOUNCES NORMAL COURSE ISSUER BID
CALGARY, Oct. 25 /CNW/ - Tuscany Energy Ltd. ("Tuscany") announced today that it has received approval from the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 2,742,500 of the issued and outstanding Common Shares (being approximately 5% of the 54,851,825 Common Shares outstanding at October 20, 2010). 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 782,500 Common Shares at an average price of approximately $0.14.
The Bid will commence on October 27, 2010 and will terminate on the earlier of October 26, 2011, 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: This press release contains forward looking statements. Although Tuscany believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Tuscany can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
The forward looking statements contained in this press release are made as of the date hereof and Tuscany undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so 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.
For further information:
Robert W. Lamond, President & CEO TUSCANY ENERGY LTD. Telephone: (403) 269-9889 Fax: (403) 261-4072 TSX Venture: TUS |
John G.F. McLeod, Vice President & COO TUSCANY ENERGY LTD. Telephone: (403) 264-2398 Fax: (403) 261-4072 |
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