CALGARY, June 14, 2017 /CNW/ – Journey Energy Inc. (“Journey” or the “Company“) announced today that it has received approval from the Toronto Stock Exchange (the “TSX“) to undertake a proposed normal course issuer bid (the “Bid“) to purchase up to 2,522,292 common shares, representing approximately 10% of the public float of Journey’s outstanding common shares. Purchases under the Bid will be made through the facilities of the TSX, alternative trading platforms and at market prices under the normal course issuer bid rules of the TSX. The Bid period commences on June 19, 2017 and terminates on June 18, 2018, or such earlier date as Journey may complete its purchases or provide notice of termination. All common shares purchased under the Bid will be cancelled. The actual number of common shares purchased, the time of purchases and the price at which the common shares will be acquired will depend on future market conditions.
As of today’s date Journey has 50,914,533 common shares issued and outstanding, of which 25,222,915 represents the public float. Under the rules of the TSX and subject to certain exemptions for block purchases, the maximum number of common shares that Journey may purchase on any one trading day is 3,651 common shares, representing 25% of the average daily trading volume of 14,606 common shares for the previous six calendar months.
The Board of Directors of Journey believes that, from time to time, Journey’s share price does not adequately reflect the value of such shares in relation to the business, assets and future prospects of the Company. Repurchasing common shares can protect and enhance shareholder value and as such, represents a desirable use of available funds.
About the Company
Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.
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