VANCOUVER, Dec. 6, 2013 /PRNewswire/ - TAG Oil Ltd. (TSX:
TAO and OTCQX: TAOIF), reports that the Company intends to launch a
normal course issuer bid (the "Bid") to purchase up to 6,073,339 of
its common shares through the facilities of the Toronto Stock
Exchange (the "TSX"), subject to TSX acceptance.
The purchase of common shares under the Bid will
enable the Company to acquire its shares for cancellation. TAG
believes that the market price of the Company's common shares may
not reflect their underlying value and that the purchase of common
shares for cancellation will increase the proportionate interest
of, and will be advantageous to, all remaining shareholders.
There have been 867,000 common share purchased
and cancelled under a normal course issuer bid by TAG within the
past twelve months at an average weighted purchase price of
$3.83 per common share.
Currently, TAG has 64,687,052 common shares
issued and outstanding. The common shares that may be repurchased
over a twelve-month period represent approximately 10% of TAG's
60,733,391 outstanding common shares in the public float. TAG has
appointed Richardson GMP Limited (formerly Macquarie Private Wealth
Inc.) as the Participating Organization that will be conducting the
Bid on behalf of TAG with purchases under the Bid being able to
commence on December 10, 2013, and
will terminate on December 9, 2014,
or on such earlier date as the Bid is complete. The average daily
trading volume of the common shares for the previous six calendar
months (the "ADTV") was 205,851 common shares. The amount and
timing of such purchases will be determined by TAG and, in
accordance with TSX policies, on any trading day, the amount of
daily purchases may not exceed 25% of the ADTV or 51,462 common
shares.
TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a
Canadian-based production and exploration company with operations
focused exclusively in New
Zealand. With 100% ownership over all its core assets,
including extensive oil and gas production infrastructure, TAG is
enjoying significant organic value creation through exploration
success and ongoing development and appraisal drilling of several
light oil and gas discoveries. As New
Zealand's leading explorer, TAG actively drills high-impact
conventional and unconventional exploration prospects identified in
the Taranaki Basin, East Coast Basin and Canterbury Basin that covers more than
2,736,390 net acres of land, prospective for major discovery in
New Zealand.
Cautionary Note Regarding Forward-Looking
Statements:
Statements contained in this news release that
are not historical facts are forward-looking statements that
involve various risks and uncertainty affecting the business of
TAG. Such statements can generally, but not always, identified by
words such as "expects", "plans", "anticipates", "intends",
"estimates", "forecasts", "schedules", "prepares", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. All estimates and statements that
describe the Company's objectives, goals, or future plans relating
to the Bid are forward-looking statements under applicable
securities laws and necessarily involve risks and uncertainties.
Actual results may vary materially from the information provided in
this release, and there is no representation by TAG that the actual
results realized in the future will be the same in whole or in part
as those presented herein.
Other factors that could cause actual results to
differ from those contained in the forward-looking statements are
also set forth in filings that TAG and its independent evaluator
have made, including TAG's most recently filed reports in
Canada under National Instrument
51-101, which can be found under TAG's SEDAR profile at
www.sedar.com. TAG undertakes no obligation, except as otherwise
required by law, to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other
factors change.
SOURCE TAG Oil Ltd.