Novus Energy Inc. announces normal course issuer bid
September 16 2012 - 8:04PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ CALGARY, Sept. 18, 2012 /CNW/ - Novus Energy Inc.
("Novus" or the "Company") announces that it intends to make a
normal course issuer bid ("NCIB") through the facilities of the TSX
Venture to buy up to 5,000,000 of its issued and outstanding Common
Shares. This amount represents approximately 3% of Novus'
189.4 million issued and outstanding Common Shares. The bid will
commence September 20, 2012 and expire September 19, 2013 and any
shares acquired pursuant to the bid will be cancelled. The bid will
be conducted through National Bank Financial Inc., a member of the
TSX Venture Exchange. Under the Company's previous NCIB, for the
period September 15, 2011 to September 14, 2012, Novus purchased
2,222,000 common shares at an average cost of $0.73 per share.
Novus' reasoning for the NCIB is that from time to time the
purchase of Common Shares for cancellation will increase the
proportionate interest of, and be advantageous to, all remaining
shareholders. In addition, any purchases made by Novus will
afford increased liquidity to those shareholders of the Company who
may wish to dispose of their Common Shares. Novus Energy Inc. is a
well positioned, junior oil and gas company with a proven
management team committed to aggressive, cost-effective growth of
high netback light oil reserves and production. Novus will continue
to grow through a targeted acquisition and consolidation strategy
coupled with development and exploration drilling. Novus Shares
trade on the TSX Venture Exchange under the symbol NVS. Novus
currently has 189.4 million common shares outstanding. Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. This news release will not constitute an offer to sell or
the solicitation of an offer to buy the securities in any
jurisdiction. Such securities have not been registered under the
United States Securities Act of 1933 and may not be offered or sold
in the United States, or to a U.S. person, absent registration, or
an applicable exemption therefrom. ADVISORY REGARDING FORWARD
LOOKING STATEMENTS Certain disclosures set forth in this press
release constitute forward-looking statements. Any statements
contained herein that are not statements of historical facts may be
deemed to be forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "believes", "budget", "continue",
"could", "estimate", "forecast", "intends", "may", "plan",
"predicts", "projects", "should", "will" and other similar
expressions. All estimates and statements that describe the
Company's future, goals, or objectives, including Management's
assessment of future plans and operations, may constitute
forward-looking information under securities laws.
Forward-looking statements involve known and unknown risks and
uncertainties which include, but are not limited to: exploration,
development and production risks; assessments of acquisitions;
reserve measurements; availability of drilling equipment; access
restrictions; permits and licenses; aboriginal claims; title
defects; commodity prices; commodity markets; transportation and
marketing of crude oil, liquids and natural gas; reliance on
operators and key personnel; competition; corporate matters;
funding requirements; access to credit and capital markets; market
volatility; cost inflation; foreign exchanges rates; general
economic and industry conditions; environmental risks; Kyoto
protocol; and government regulation and taxation. Forward-looking
statements relate to future events and/or performance and although
considered reasonable by Novus at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated in the statements made. Novus does not
undertake any obligation to publicly update forward-looking
information except as required by applicable securities law.
Novus Energy Inc. CONTACT: NOVUS ENERGY INC.Hugh G. RossPresident
and CEO(403) 218-8895Ketan PanchmatiaChief Financial Officer(403)
218-8876Julian DinVP Business Development(403) 218-8896
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