Mr. Jay Lyons reports
ORCA ENERGY GROUP INC. ANNOUNCES NORMAL COURSE ISSUER BID
Orca Energy Group Inc. intends to commence a normal course issuer bid for purchase of its Class B subordinate voting shares through the facilities of the TSX Venture exchange and alternative trading systems in Canada.
Purchases made pursuant to the bid will not exceed 500,000 Class B shares, representing approximately 2.76 per cent of the total outstanding Class B shares as at Oct. 31, 2023. In accordance with the policies of the exchange, purchases under the bid will commence on Nov. 6, 2023, and will continue until the earlier of the purchase of the maximum number of Class B shares under the bid or Nov. 5, 2024, unless terminated earlier at the option of Orca Energy upon prior notice given to the exchange. In accordance with the corporation's memorandum of association, holders of Class A common voting shares in the capital of Orca Energy may convert their Class A shares to Class B shares on a one-for-one basis and at any time thereafter may participate in the bid.
Purchases pursuant to the bid will be made by Research Capital Corp. on behalf of the corporation. Purchases will be made by Research Capital based on the limits prescribed by the exchange and applicable securities laws.
Orca Energy has implemented the bid as it is of the view that at times, the trading price of the Class B shares of the corporation on the exchange does not fully reflect the underlying value of the corporation's business. Orca Energy believes that its purchase of Class B shares under the bid is in the best interest of the corporation and its shareholders.
About Orca Energy Group Inc.
Orca Energy is an international public company engaged in natural gas exploration, development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Ltd. Orca Energy trades on the TSX Venture exchange under the trading symbols ORC.A and ORC.B.
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