CALGARY, Alberta, Oct. 13, 2022 (GLOBE NEWSWIRE) — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) today announced that the Toronto Stock Exchange (“TSX“) has accepted InPlay’s notice of intention to commence a normal course issuer bid (the “NCIB“).
Under the NCIB, InPlay may purchase for cancellation, from time to time, as InPlay considers advisable, up to a maximum of 6,467,875 common shares of InPlay (“Common Shares“), which represents 10% of the Company’s public float of 64,678,759 Common Shares as at October 7, 2022. As of the same date, InPlay had 87,150,301 Common Shares issued and outstanding. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by InPlay, subject to a maximum daily purchase limitation of 112,558 Common Shares which equates to 25% of InPlay’s average daily trading volume of 450,234 Common Shares for the six months ended September 30, 2022. InPlay may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by InPlay under the NCIB will be cancelled.
The NCIB will commence on October 17, 2022 and will terminate on October 16, 2023 or such earlier time as the NCIB is completed or terminated at the option of InPlay.
InPlay believes that implementing the NCIB is a prudent step in this volatile energy market environment, when at times, the prevailing market price does not reflect the underlying value of its Common Shares. The timely repurchase of the Company’s Common Shares for cancellation represents confidence in the long term prospects and sustainability of its business model. This reduction in share count adds per share value to InPlay’s shareholders and adds another tool to management’s disciplined capital allocation strategy.