As of May 10, 2021, at the time the original NCIB application was made to the TSX, Whitecap had 597,881,930 common shares issued and outstanding and 589,470,760 common shares issued and outstanding in its public float. The 58,947,076 common shares approved under the amended NCIB represent the maximum number of common shares that may be purchased under the TSX’s NCIB rules, being 10% of the public float as of May 10, 2021. As of the date hereof, Whitecap has purchased 22,826,223 common shares under the NCIB at a weighted average purchase price of $6.84 per share for a total purchase price of $156.1 million.
Under the NCIB, common shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the rules of the TSX governing NCIB’s. The total number of common shares Whitecap is permitted to purchase is subject to a daily purchase limit of 913,135 common shares, representing 25% of the average daily trading volume of 3,652,542 common shares on the TSX calculated for the six-month period ended April 30, 2021, however, Whitecap may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Whitecap.