On August 21, 2024, Journey Energy Inc., a Calgary-based exploration and production company, announced that it has received approval from the Toronto Stock Exchange (TSX) to initiate a normal course issuer bid (Bid). The Bid allows Journey to purchase up to 4,666,445 common shares, representing approximately 10% of the public float of Journey’s outstanding common shares as of August 14, 2024. The purchases under the Bid will be conducted through the facilities of the TSX, alternative trading platforms in Canada, and at market prices in accordance with the normal course issuer bid rules of the TSX.
The Bid period is set to begin on August 26, 2024, and will end on August 25, 2025, or earlier if Journey completes its purchases or provides notice of termination. All common shares purchased under the Bid will be cancelled. The actual number of shares purchased, the timing of purchases, and the acquisition price will be dependent on future market conditions.
As of August 14, 2024, Journey has 61,349,804 common shares issued and outstanding, with 46,664,453 representing the public float. The TSX rules, with certain exemptions for block purchases, limit the maximum number of shares Journey may acquire in one trading day to 29,310, or 25% of the average daily trading volume over the previous six months.
The decision to undertake the Bid stems from the belief of Journey’s Board of Directors that the current share price may not accurately reflect the company’s value in relation to its business, assets, and future prospects. They view the repurchase of common shares as a means to protect and enhance shareholder value, making it a favorable use of available funds.
Journey Energy Inc. is a Canadian exploration and production company primarily focused on conventional, oil-weighted operations in western Canada. The company aims to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and potential water floods.
Forward-looking information included in this press release comes with inherent risks and uncertainties, most of which are beyond Journey’s control. While the company’s current estimates, expectations, and projections are deemed reasonable, there is no guarantee that they will materialize. Journey will not be obligated to update this information except as required by applicable securities law.
No securities regulatory authority has either approved or disapproved the content of this press release. For more information, the original source version can be accessed by visiting the link provided.
