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    Home»Oil, Gas & Energy»Saturn Oil & Gas Inc. Discloses Intent to Implement Normal Course Issuer Bid
    Oil, Gas & Energy

    Saturn Oil & Gas Inc. Discloses Intent to Implement Normal Course Issuer Bid

    Alexander LeeBy Alexander LeeAugust 23, 2024No Comments2 Mins Read
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    On August 23, 2024, Saturn Oil & Gas Inc. announced that they have received approval from the Toronto Stock Exchange (TSX) to initiate a normal course issuer bid (NCIB) to repurchase and cancel up to 11,306,825 of their outstanding common shares. The NCIB will be in effect for one year, from August 27, 2024, to August 26, 2025.

    The decision to authorize the NCIB was made by the Company’s Board of Directors as they believe it is in the best interest of the Company and its shareholders to return capital to shareholders and purchase Common Shares when the market price does not fully reflect their underlying value. While the Company intends to repurchase Common Shares, there is no guarantee that all purchases will be completed.

    As of August 21, 2024, Saturn had 204,198,643 common shares issued and outstanding, with 113,068,253 common shares considered part of the Public Float after excluding shares owned by directors, executive officers, or other significant shareholders. The 11,306,825 common shares to be repurchased under the NCIB represent 10% of the Public Float.

    Ventum Financial Corp. will oversee the NCIB for the Company, conducting purchases through open market transactions on the TSX in compliance with regulatory requirements. The purchase price will be based on prevailing market prices of the common shares at the time of the transaction, funded by available cash. All repurchased shares will be returned to treasury and cancelled.

    Additionally, the Company has established an “automatic securities purchase plan” with Ventum for the purpose of making purchases under the NCIB, allowing for purchases to be determined at Ventum’s discretion within the guidelines of the Plan and TSX rules.

    Saturn Oil & Gas Inc. is a Canadian energy company focused on responsible development of oil assets in Saskatchewan and Alberta. The Company aims to increase reserves, production, and cash flows with an emphasis on environmental, social, and governance principles.

    Please note that forward-looking information in this news release involves risks and uncertainties that may cause actual results to differ from expected outcomes. Investors are advised to consider these risks, as outlined in the Company’s public filings, before making decisions based on forward-looking information. The forward-looking statements in this press release are accurate as of the release date, with no obligation for the Company to update unless required by applicable securities law.

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    Alexander Lee
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    Alexander is the founder and author of Microcaps.ca, a leading resource for investors interested in the micro-cap stock market. With a passion for uncovering hidden gems in the world of small-cap stocks, Alexander combines in-depth research with years of experience in the financial markets to provide readers with valuable insights and timely analysis. Investors should conduct their own research or consult with a qualified investment advisor before making any investment decisions. The author of this article is not responsible for any gains or losses incurred from investing in companies mentioned.

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