Source Energy Services Announces Normal Course Issuer Bid

About this update from Source Energy Services Ltd.

[{"type":"text","content":"Source Energy Services Announces Normal Course Issuer Bid\n\n\n\n CALGARY, Alberta, May 09, 2025 (GLOBE NEWSWIRE) --\n \n TSX: SHLE\n \n\n\n Source Energy Services Ltd. (“Source” or the “Company”) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted Source’s notice of intention to implement a Normal Course Issuer Bid (the “NCIB”).\n \n\n As of April 30, 2025, there were 13,545,055 Common Shares outstanding; however, pursuant to Source’s Term Loan agreement due December 20, 2029 (the “Term Loan”), Source is planning to acquire under the NCIB the lesser of $5 million worth of its Common Shares, or 750,000 Common Shares. The average daily trading volume of Source’s Common Shares for the six months ended April 30, 2025 was 29,156 Common Shares (“ADTV”). Accordingly, pursuant to the rules of the TSX, the maximum number of Common Shares that the Company may repurchase in any one day is 25% of the ADTV, which totals 7,289 Common Shares. Source may also make one block purchase per calendar week which exceeds the daily repurchase restriction.\n \n\n The NCIB will commence on May 13, 2025 and will terminate on the earlier of: (i) May 12, 2026; and (ii) the date on which the maximum number of Common Shares are purchased pursuant to NCIB, being the lesser of $5.0 million of Common Shares or 750,000 Common Shares. Purchases of Common Shares under the NCIB will be effected through the facilities of the TSX, or Canadian alternative trading systems at the prevailing market price at the time of purchase. Common Shares purchased pursuant to the NCIB will thereafter be cancelled.\n \n\n The Company intends to enter into an automatic securities purchase plan (the “ASPP”) with Acumen Capital Finance Partners Limited (“Acumen”) whereby Common Shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackouts (the “Blackout Periods”). Pursuant to the ASPP, the timing for the purchase of Common Shares during the Blackout Periods, the number of Common Shares purchased and the price payable for the Common Shares will be determined by Acumen in its sole discretion, without consultation with Source, having ...

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