CALGARY, AB,
Jan. 11,
2024 /CNW/ - SECURE Energy Services Inc. ("SECURE",
the "Corporation") (TSX: SES) announced today that, in
connection with its previously announced normal course issuer bid
("NCIB") to purchase for cancellation up to 23,196,967 common
shares of the Corporation ("common shares"), the Corporation has
entered into an automatic share purchase plan ("ASPP") with a
designated broker. The ASPP has been pre-cleared by the Toronto
Stock Exchange (the "TSX") and is expected to be implemented on
January 15, 2024.
The ASPP is intended to facilitate repurchases of common shares
at times under the NCIB when the Corporation would ordinarily not
be permitted to make purchases due to regulatory restriction or
customary self-imposed blackout periods. Before the commencement of
any particular trading black-out period, SECURE may, but is not
required to, instruct its designated broker to make purchases of
common shares under the NCIB during the ensuing black-out period in
accordance with the terms of the ASPP. Such purchases will be
determined by the designated broker at its sole discretion based on
purchasing parameters set by SECURE in accordance with the rules of
the TSX, applicable securities laws and the terms of the ASPP.
The ASPP will terminate on the earliest of the date on which:
(a) the maximum annual purchase limit under the NCIB has been
reached; (b) the NCIB expires; or (c) SECURE terminates the ASPP in
accordance with its terms. The ASPP constitutes an "automatic
securities purchase plan" under applicable Canadian securities
law.
Outside of pre-determined blackout periods, common shares may be
purchased under the NCIB based on management's discretion, in
compliance with TSX rules and applicable securities laws. The
Corporation's NCIB commenced on December 14,
2023, and will remain active until December 13, 2024, or such earlier date as the
NCIB is completed or is terminated at the Corporation's election.
All purchases of common shares made under the ASPP will be included
in determining the number of common shares purchased under the
NCIB.
Since the beginning of the NCIB, the Corporation has purchased
3,441,700 common shares at a weighted average price per share of
$9.41 for a total of $32 million. All common shares purchased under
the NCIB have been cancelled.
ABOUT SECURE
SECURE is a leading waste management and energy infrastructure
business headquartered in Calgary,
Alberta. The Corporation's extensive infrastructure network
located throughout western Canada
and North Dakota includes waste
processing and transfer facilities, industrial landfills, metal
recycling facilities, crude oil and water gathering pipelines,
crude oil terminals and storage facilities. Through this
infrastructure network, the Corporation carries out its principal
business operations, including the processing, recovery, recycling
and disposal of waste streams generated by our energy and
industrial customers and gathering, optimization, terminalling and
storage of crude oil and natural gas liquids. The solutions the
Corporation provides are designed not only to help reduce costs,
but also lower emissions, increase safety, manage water, recycle
by-products and protect the environment.
SECURE's shares trade under the symbol SES and are listed on the
Toronto Stock Exchange. For more information, visit
www.SECURE-energy.com.
FORWARD-LOOKING
STATEMENTS
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements") including, but not limited to,
statements concerning the NCIB and ASPP (including the number and
timing of common shares which may be purchased thereunder) and
other statements that are not historical facts. The use of any of
the words ''anticipate'', ''plan'', ''contemplate'', ''continue'',
''estimate'', ''expect'', ''intend'', ''propose'', ''might'',
''may'', ''will'', ''shall'', ''project'', ''should'', ''could'',
''would'', ''believe'', ''predict'', ''forecast'', ''pursue'',
''potential'' and ''capable'' and similar expressions are intended
to identify forward looking statements. These statements involve
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 statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release. The Corporation does not undertake any
obligations to publicly update or revise any forward-looking
statements except as required by securities law. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of numerous risks and
uncertainties including, but not limited to, the risks and
uncertainties described in "Forward-Looking Statements" and
"Risk Factors" included in the Company's Annual Information
Form dated March 1, 2023, as
filed on SEDAR and available on the SECURE website at
www.secure-energy.com.
Website: www.secure-energy.com
TSX Symbol: SES
SOURCE SECURE Energy Services Inc.