TAG Announces Normal Course Issuer Bid

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[{"type":"text","content":"\n\n\nVANCOUVER, Dec. 6, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), reports that the Company intends to launch a normal course issuer bid\n (the \"Bid\") to purchase up to 6,073,339 of its common shares through\n the facilities of the Toronto Stock Exchange (the \"TSX\"), subject to\n TSX acceptance.\n\n\nThe purchase of common shares under the Bid will enable the Company to\n acquire its shares for cancellation. TAG believes that the market price\n of the Company's common shares may not reflect their underlying value\n and that the purchase of common shares for cancellation will increase\n the proportionate interest of, and will be advantageous to, all\n remaining shareholders.\n\n\nThere have been 867,000 common share purchased and cancelled under a\n normal course issuer bid by TAG within the past twelve months at an\n average weighted purchase price of $3.83 per common share.\n\n\nCurrently, TAG has 64,687,052 common shares issued and outstanding. The\n common shares that may be repurchased over a twelve-month period\n represent approximately 10% of TAG's 60,733,391 outstanding common\n shares in the public float. TAG has appointed Richardson GMP Limited\n (formerly Macquarie Private Wealth Inc.) as the Participating\n Organization that will be conducting the Bid on behalf of TAG with\n purchases under the Bid being able to commence on December 10, 2013,\n and will terminate on December 9, 2014, or on such earlier date as the\n Bid is complete. The average daily trading volume of the common shares\n for the previous six calendar months (the \"ADTV\") was 205,851 common\n shares. The amount and timing of such purchases will be determined by\n TAG and, in accordance with TSX policies, on any trading day, the\n amount of daily purchases may not exceed 25% of the ADTV or 51,462\n common shares.\n\n\nTAG Oil Ltd.\n\n\nTAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations\n focused exclusively in New Zealand. With 100% ownership over all its\n core assets, including extensive oil and gas production infrastructure,\n TAG is enjoying significant organic value creation through exploration\n success and ongoing development and appraisal drilling of several light\n oil and gas discoveries. As New Zealand's leading explorer, TAG\n actively drills high-impact conventional...

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