Arsenal Energy Inc. Announces Normal Course Issuer Bid and Share Dividend Plan
March 27 2014 - 4:17PM
Marketwired
Arsenal Energy Inc. Announces Normal Course Issuer Bid and Share
Dividend Plan
CALGARY, ALBERTA--(Marketwired - Mar 27, 2014) - Arsenal Energy
Inc. (TSX:AEI) (PINKSHEETS:AEYIF) announces that it has made the
necessary filings, and received the necessary approvals, to make a
normal course issuer bid through the facilities of the Toronto
Stock Exchange and the Alpha Alternative Trading System commencing
April 1, 2014 and ending March 31, 2015, or on such earlier date as
Arsenal may complete its purchases under the bid.
A total of 804,506 common shares may be acquired under the bid,
representing approximately 5 percent of the 16,090,119 common
shares outstanding as of March 26, 2014. Pursuant to section 628 of
the TSX Company Manual, under the bid Arsenal is permitted to
acquire up to 25 percent of the average daily trading volume or,
4,659 common shares per day. Arsenal will acquire its common shares
at the market price at the time of purchase, with acquired shares
being cancelled.
In the opinion of Arsenal's Board of Directors, Arsenal common
shares are, from time to time, undervalued by the market, and the
cost of acquiring the shares is an expense prudently incurred by
Arsenal to increase shareholder value.
Arsenal is pleased to announce that its Board of Directors has
approved a share dividend plan (the "Share Dividend Plan"). The
Share Dividend Plan would benefit shareholders by giving them the
option to reinvest their dividends in the form of additional common
shares of the Corporation issued at the market price. Participation
in the Share Dividend Plan is optional.
In order to implement the Share Dividend Plan, at the next
meeting of shareholders, shareholders will be asked to amend the
articles of the Corporation to permit payment of share dividends on
common shares pursuant to the Share Dividend Plan. If the amendment
to the articles is not confirmed at the meeting by a special
resolution of shareholders, the Share Dividend Plan will not be
implemented.
Forward-Looking
Information
This press release contains "forward looking information" within
the meaning of applicable securities legislation that is based on
expectations, estimates and projections as of the date of this
press release. Examples of such forward looking information in this
press release include, but are not limited to Arsenal's views
regarding the market price of its common shares, its plans to
undertake a normal course issuer bid and the objectives of the
normal course issuer bid and its plans to implement the Share
Dividend Plan and the objectives of the Share Dividend Plan. These
statements are subject to certain assumptions, risks and
uncertainties including factors relating to the business, financial
position, operations and prospects of Arsenal. Forward looking
information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of Arsenal to be materially different from any future
results, performance or achievements expressed or implied by the
forward looking information in this press release. We have no
intention to update this forward looking information, except as
required by applicable securities law. This forward looking
information should not be relied upon as representing our views as
of any date subsequent to the date of this press release.
Arsenal Energy Inc.Tony van WinkoopPresident and Chief Executive
Officer(403) 262-4854(403)-265-6877Arsenal Energy Inc.J. Paul
LawrenceVice President, Finance and CFO(403)
262-4854(403)-265-6877Arsenal Energy Inc.1900, 639 - 5th Avenue
S.W.Calgary, Alberta, T2P
0M9ir@arsenalenergy.comwww.arsenalenergy.com