VANCOUVER, June 27, 2019 /CNW/ – Hemisphere Energy Corporation (TSX-V: HME) (“Hemisphere” or the “Company”) is pleased to announce that the TSX Venture Exchange (the “TSXV”) has accepted the Company’s Notice of Intention to make a Normal Course Issuer Bid (the “NCIB”) to purchase for cancellation, from time to time, as Hemisphere considers advisable, up to 8,016,731 common shares (“Common Shares”) of the Company, representing approximately ten percent (10%) of the current public float of the Common Shares.
Purchases of Common Shares will be made on the open market through the facilities of the TSXV. For any Common Shares purchased, Hemisphere will pay the prevailing market price of the Common Shares. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by the Company and dependent on market conditions.
The Company is commencing the NCIB because it believes that, from time to time, the market price of its Common Shares may not properly reflect the underlying, intrinsic value of the Company, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The NCIB will commence on July 2, 2019 and will terminate on July 1, 2020 or at such earlier time as the NCIB is completed or terminated at the option of Hemisphere. The Company has retained Canaccord Genuity Corp. as its broker to conduct the NCIB on its behalf.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a Canadian oil and gas company focused on the development of low risk conventional oil assets for minimal capital exposure by drilling known pools of oil and optimizing waterflood projects. Hemisphere plans continued growth in production, reserves, and cash flow by focusing on existing projects and executing strategic acquisitions. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME”.