Business
Obsidian Energy Announces TSX Approval of Normal Course Issuer Bid
Calgary, Alberta--(Newsfile Corp. - February 23, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE Am...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"Obsidian Energy Announces TSX Approval of Normal Course Issuer BidCalgary, Alberta--(Newsfile Corp. - February 23, 2023) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to announce that the Toronto Stock Exchange (the \"TSX\") has accepted Obsidian Energy's notice of intention to commence a normal course issuer bid (the \"NCIB\"). The NCIB allows Obsidian Energy to purchase up to 8,073,847 common shares (representing 10 percent of Obsidian Energy's public float, as defined by the TSX, as of February 13, 2023) over a period of twelve months commencing on February 27, 2023. On February 13, 2023, Obsidian Energy had 82,442,210 common shares outstanding and 80,738,477 common shares in its public float. The NCIB will expire no later than February 26, 2024.Under the NCIB, common shares may be repurchased through the facilities of the TSX, the NYSE American stock exchange, other designated exchanges and/or alternative trading systems, or as otherwise permitted under applicable securities laws. Purchases under the NCIB will be made through open market purchases at market price, as well as by other means as may be permitted under applicable securities laws. The NCIB will be effected in accordance with the TSX normal course issuer bid rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, which contain restrictions on the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of Obsidian Energy's common shares on the applicable exchange.The total number of common shares Obsidian Energy is permitted to purchase on the TSX is subject to a daily purchase limit of 85,192 common shares, representing 25 percent of the average daily trading volume of 340,769 common shares on the TSX calculated for the six-month period ended January 31, 2023; however, Obsidian Energy may make one block purchase per calendar week on the TSX which exceeds such daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Obsidian Energy. The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Obsidian Energy. The Compa...