CALGARY, Dec. 23, 2013 /CNW/ - AKITA Drilling Ltd. today
announced that it has established an automatic share repurchase
plan with a designated broker to facilitate the repurchase of Class
A Non-Voting Shares under AKITA's current normal course issuer bid.
The plan has been reviewed by the Toronto Stock Exchange ("TSX")
and will be implemented effective December
23, 2013. The plan permits the AKITA's broker to repurchase
Class A Non-Voting Shares under the normal course issuer bid at any
time, including during internal blackout periods and/or when AKITA
is in possession of undisclosed material information, without the
control or influence of the company, subject to certain price
limitations and other parameters prescribed by the plan.
AKITA'S normal course issuer bid commenced on May 30, 2013 and terminates on May 29, 2014. As of December 23, 2013, AKITA has repurchased 7,165
Class A Non-Voting Shares under the bid.
Forward-Looking Information: Certain statements contained in
this news release may constitute forward-looking information.
Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "plan", "estimate",
"expect", "may", "will", "intend", "should", and similar
expressions. Forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking information. The Company believes that the
expectations reflected in the forward-looking information are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. In particular, there can be no
assurance that a transaction will be completed. Any forward-looking
information contained in this news release represents the Company's
expectations as of the date hereof, and is subject to change after
such date. The Company disclaims any intention or obligation to
update or revise any forward-looking information whether as a
result of new information, future events or otherwise, except as
required by applicable securities legislation.
AKITA is an Alberta corporation
engaged in the contract drilling business in Western Canada and the North and is listed on
the Toronto Stock Exchange under
the symbol AKT.
SOURCE AKITA Drilling Ltd.