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Frontera Announces $65 Million Substantial Issuer Bid
Frontera Announces $65 Million Substantial Issuer Bid Canada NewsWire ...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n \n \n \n Frontera Announces $65 Million Substantial Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n June 20, 2022\n \n \n /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"\n \n Frontera\n \n \" or the \"\n \n Company\n \n \") announces that its board of directors (the \"\n \n Board\n \n \") has approved the commencement of a substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which the Company will offer to purchase from shareholders for cancellation up to\n \n $65 million\n \n (equivalent to\n \n US$50 million\n \n ) of its outstanding common shares (the \"\n \n Shares\n \n \"). The Offer will proceed by way of a \"modified Dutch auction\" procedure with a tender price range from\n \n $11.00\n \n to\n \n $13.00\n \n per Share.\n \n \n The Company plans to fund repurchases of Shares through available cash on hand. Unless otherwise stated, the Offer is denominated in Canadian dollars, and shareholders will have the option to elect to receive payment in either Canadian or\n \n United States\n \n dollars.\n \n \n The Offer is expected to commence on\n \n June 24, 2022\n \n and remain open for acceptance until\n \n 11:59 p.m. (Eastern time)\n \n on\n \n July 29, 2022\n \n , unless extended, varied or withdrawn by the Company.\n \n \n \n Manner of Tender\n \n \n \n The Company will conduct the Offer through a \"modified Dutch auction\" procedure. Shareholders wishing to tender to the Offer may do as follows: (i) by making an auction tender pursuant to which the tendering shareholders agree to tender a specified number of Shares at a price of not less than\n \n $11.00\n \n and not more than\n \n $13.00\n \n per Share in increments of\n \n $0.20\n \n per Share (an \"\n \n Auction Tender\n \n \"); (ii) by making a purchase price tender pursuant to which the tendering shareholders do not specify a price per Share, but rather agree to have a specified number of Shares purchased at the Purchase Price (as defined below) (a \"\n \n Purchase Price Tender\n \n \"); or (iii) by making...