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”.
For additional information please contact:
President and Chief Executive Officer
|OR|| Kevin Braun
Chief Financial Officer
|Razor Energy Corp
Suite 800, 500-5th Ave. S.W.
Calgary, Alberta T2P 3L5
Telephone: (403) 262-0242
|Alliance Capital Partners
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements. More particularly, this news release contains statements concerning, but not limited to, potential NCIB purchases and the anticipated advantages of the NCIB for the Company’s shareholders. In addition, the use of any of the words “anticipate”, “believe”, “intend”, “may”, “is”, “will” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Please refer to the risk factors identified in the annual information form and management discussion and analysis of the Company for the period ended December 31, 2017, on SEDAR at www.sedar.com.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the 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 news release.