Canacol Energy Ltd. Announces Normal Course Issuer Bid
November 15 2018 - 7:00PM
NOT FOR DISTRIBUTION TO US NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Canacol Energy Ltd. (“
Canacol” or the
“
Corporation”) (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC)
is pleased to announce that it has made the necessary filings, and
received the necessary approvals to conduct a normal course issuer
bid (“
NCIB”) through the facilities of the Toronto
Stock Exchange (“
TSX”) or the following
alternative markets, if eligible: CHI-X Canada, Alpha ATS, MATCH
Now (Triact Canada), Omega ATS and Pure Trading.
The TSX has accepted the Corporation’s notice to
conduct the NCIB to purchase outstanding common shares on the open
market, in accordance with the rules of the TSX. As approved
by the TSX, the Corporation is authorized to purchase up to
14,086,746 common shares, representing approximately 10% of the
public float of Canacol, being 140,867,465 common shares as of
November 9, 2018. As of November 9, 2018, there were 177,672,213
common shares outstanding. The maximum number of common shares that
Canacol may purchase on any given day is 31,126 common shares,
which is 25% of the Corporation’s average daily trading volume on
the TSX for the six months ended October 31, 2018. Canacol
may also make one weekly block repurchase which exceeds the daily
limit subject to prescribed rules. All common shares acquired under
the NCIB will be cancelled.
The Corporation is authorized to make purchases
during the period from November 20, 2018 to November 19, 2019, or
until such earlier time as the NCIB is completed or terminated at
the option of the Corporation. Any common shares the Corporation
purchases under the NCIB will be purchased on the open market
through the facilities of the TSX and/or alternative trading
systems, at the prevailing market price at the time of the
transaction. The Corporation has appointed Eight Capital as its
broker to conduct the NCIB transactions.
The Corporation believes that from time to time
the market price of its common shares may not reflect their
underlying value and that, at such times, the purchase of common
shares for cancellation will increase the proportionate interest
of, and be advantageous to, all remaining shareholders. In
addition, the purchases by Canacol under the NCIB may increase
liquidity to shareholders wishing to sell their common shares.
This news release does not constitute an offer
to sell securities, nor is it a solicitation of an offer to buy
securities, in any jurisdiction. All sales will be made through
registered securities dealers in jurisdictions where the offering
has been qualified for distribution. The securities offered are
not, and will not be, registered under the securities laws of the
United States of America, nor any state thereof and may not be sold
in the United States of America absent registration in the United
States or the availability of an exemption from such
registration.
About Canacol
Canacol is an exploration and production company
with operations focused in Colombia. The Corporation's common
shares trade on the Toronto Stock Exchange, the OTCQX in the United
States of America, and the Colombia Stock Exchange under ticker
symbol CNE, CNNEF, and CNE.C, respectively.
Certain statements in this news release are
“forward-looking statements”, which reflect current expectations of
the management of Canacol regarding future events or Canacol's
future performance. All statements other than statements of
historical fact contained in this news release may be
forward-looking statements. In particular, forward-looking
information and statements herein include, but are not limited to,
the NCIB. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
the forward-looking statements. Canacol believes that the
expectations reflected in such forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The forward-looking statements are made as of the date of this news
release and Canacol assumes no obligation to update or revise them
to reflect new events or circumstances, except as expressly
required by applicable securities law. Further information
regarding risks and uncertainties relating to Canacol and its
securities can be found in the disclosure documents filed by
Canacol with the securities regulatory authorities, available at
www.sedar.com.
For further information please
contact:Investor
Relations214-235-4798Email:
IR@canacolenergy.comWebsite: canacolenergy.com
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