CALGARY, AB, Dec. 9, 2020 /CNW/ - Pan Orient Energy Corp.
("Pan Orient") (POE – TSXV) announced today that it has amended its
normal course issuer bid to add an automatic share purchase plan.
The plan permits purchases of Pan Orient common shares through the
facilities of the TSX Venture Exchange ("TSXV") during certain
trading blackout periods. An automatic share purchase plan
agreement with Mackie Research Capital Corporation sets forth the
trading parameters and other instructions for such purchases.
Outside of those trading blackout periods, common shares may be
purchased as directed by management, subject to applicable law. All
purchased shares will be cancelled.
Pan Orient's current normal course issuer bid commenced on
May 21, 2020 and will end one year
from commencement or on the earlier date on which Pan Orient has
either acquired the maximum number of common shares permitted under
the bid or otherwise decided not to make any further purchases.
Under the terms of the bid, Pan Orient is authorized to purchase up
to 4,228,734 of its common shares (10% of the public float at the
commencement of the bid), subject to a maximum of 1,059,190 common
shares (2% of the 52,959,507 issued and outstanding common shares
at the commencement of the bid) during any 30-day period. To date,
Pan Orient has purchased 1,061,000 common shares at an average
price of $0.65 per share, leaving Pan
Orient with the opportunity to purchase an additional 3,167,734
common shares during the remaining period of the normal course
issuer bid.
Pan Orient believes that volatility in commodity prices and
world economic conditions, and the resulting impact on the trading
price of its common shares, provide opportunities to Pan Orient to
purchase common shares at attractive prices and that the purchases
are an appropriate use of funds that will enhance value of the
common shares held by remaining shareholders.
Pan Orient is a Calgary,
Alberta based oil and gas exploration and production company
with operations currently located onshore Thailand and in Western Canada.
This press release contains forward-looking
information. Forward-looking information is generally
identifiable by the terminology used, such as "expect", "believe",
"estimate", "should", "anticipate" and "potential" or other similar
wording. Forward-looking information in this press release
includes references, express or implied, to Pan Orient's intention
to purchase common shares under its normal course issuer bid, the
ability to purchase shares during a trading blackout period, the
maximum number of shares that may be purchased and the timing
thereof. By its very nature, the forward-looking
information contained in this press release requires Pan Orient and
its management to make assumptions that may not materialize or that
may not be accurate. In addition, the forward-looking
information is subject to known and unknown risks and uncertainties
and other factors, some of which are beyond the control of Pan
Orient, which could cause actual results, expectations,
achievements or performance to differ materially. Although
Pan Orient believes that the expectations reflected in its
forward-looking information are reasonable, it can give no
assurances that those expectations will prove to be correct.
Pan Orient undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Pan Orient Energy Corp.