CALGARY, Alberta, Sept. 13, 2018 (GLOBE NEWSWIRE) — Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) (www.razor-energy.com) is pleased to provide an update on the current normal course issuer bid (the “Current NCIB”) and announces the TSX Venture Exchange (the “TSXV”) has accepted Razor’s notice of intention to commence a new normal course issuer bid (the “New NCIB”) on September 14, 2018.
The Current NCIB commenced on September 14, 2017 and concluded on September 13, 2018. Under the Current NCIB, 744,000 shares were repurchased in open market transactions on the TSXV at a weighted average cost of $2.21 per share. As at September 13, 2018 Razor has 15,448,834 common shares (“Common Shares”) outstanding.
The New NCIB allows Razor to purchase up to 772,442 Common Shares of the Company (representing approximately 5% of the 15,448,834 outstanding Common Shares as of September 13, 2018) over a period of twelve months commencing on September 14, 2018. The New NCIB will expire no later than September 13, 2019. Under the New NCIB, Common Shares may be repurchased in open market transactions on the TSXV, or by such other means as may be permitted by the TSXV and applicable securities laws and in accordance with the rules of the TSXV governing NCIBs. The number of Common Shares the Company is permitted to purchase during any 30 day period is limited to 308,977 Common Shares, representing 2% of the total issued and outstanding Common Shares. Any Common Shares that are purchased under the New NCIB will be cancelled upon their purchase by Razor. Razor has retained Scotia Capital Inc. as its broker to conduct the New NCIB on Razor’s behalf.
Razor has assembled a high quality asset base and has continually delivered superior operational results. The New NCIB continues to provide an additional option for the reinvestment of excess cash flow to increase long-term total shareholder returns. As with all expenditures, Razor will remain vigilant in ensuring it retains flexibility and liquidity on its balance sheet.
Razor is a publicly-traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth focused on efficiency and cost control in all areas of the business.
Razor started operations in the first quarter of 2017, through an acquisition of producing assets in the Swan Hills area. In the second quarter of 2017, Razor added to its base with the acquisition of complementary assets in the Kaybob area. These predominantly light oil assets provide a foundation for strong shareholder return through abundant low risk operations. Razor plans to concurrently grow Swan Hills and Kaybob, and execute on similar acquisitions and amalgamations, using its experience to extract upside value.
Razor is a pivotal leading-edge enterprise, balancing creativity and discipline, focused on growing an enduring energy company. Razor currently trades on TSX Venture Exchange under the ticker “RZE”.