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Saturn Oil & Gas Inc. Announces Normal Course Issuer Bid
Calgary, Alberta--(Newsfile Corp. - August 23, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Normal Course Issuer BidCalgary, Alberta--(Newsfile Corp. - August 23, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to announce that Saturn has received acceptance from the Toronto Stock Exchange (\"TSX\") in respect of its intention to make a normal course issuer bid (the \"NCIB\") to purchase and cancel up to 11,306,825 of its outstanding common shares (\"Common Shares\") during the one-year period from August 27, 2024 to August 26, 2025 (the \"Expiry Date\").The Board of Directors of the Company has authorized the NCIB because it believes that it is in the best interests of the Company and its shareholders, and that it is an efficient use of the Company's financial resources to return capital to shareholders and purchase Common Shares when the market price of the Common Shares does not fully reflect their underlying value. Although the Company presently intends to purchase Common Shares under the NCIB, there can be no assurance that any such purchases will be completed. As of August 21, 2024, Saturn had 204,198,643 common shares issued and outstanding and 113,068,253 common shares issued and outstanding after excluding common shares beneficially owned by directors and executive officers of Saturn and persons who beneficially own or exercise control or direction over more than 10% of the issued and outstanding common shares of Saturn (the \"Public Float\"). The 11,306,825 common shares under the NCIB represent 10% of the Public Float.Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 46,032 common shares (being 25% of the average daily trading volume of Saturn common shares for the six months preceding the date of TSX acceptance of the NCIB, which was equal to 184,131 common shares), subject to certain exceptions for block repurchases.Ventum Financial Corp. (\"Ventum\") will conduct the NCIB on behalf of the Company. Purchases subject to the NCIB will be carried out by Ventum on behalf of the Company pursuant to open market transactions through the facilities of the TSX in accordance with applicable regulatory requirements or through other designated exchanges or alternative Canadian trading platforms. The price paid for the common shares will be, subje...