Advantage Announces Approval of Normal Course Issuer Bid and Automatic Share Purchase Plan




CALGARY, Alta., April 7, 2022 /CNW/ – Advantage Energy Ltd. (“Advantage” or the “Company”) announced today that due to continued strength in commodity prices and market conditions, the Company is moving forward with the Toronto Stock Exchange (the “TSX“) approved the Company’s initiation of a normal course issuer bid (the “Offer“).

Pursuant to the Offer, Advantage will purchase for cancellation, from time to time, as it deems advisable, up to a maximum of 18,704,019 common shares of the Company. The offer will start on April 132022 and will end on April 12, 2023 or on an earlier date on which the offer ends or terminates at Advantage’s option.

The maximum number of ordinary shares to be repurchased within the framework of the Offer represents 10% of the public float, as of April 1, 2022. Purchases under the Offer will be made in the open market through the facilities of the TSX and/or other trading systems. The number of common shares that may be purchased under the Offer is subject to a daily maximum of 263,879 common shares (equivalent to 25% of the average daily trading volume of 1,055,518 shares October 1st2021 to March 31, 2022). The price Advantage will pay for any Common Share under the Offer will be the prevailing market price on the TSX at the time of such purchase. Common Shares acquired pursuant to the Offer will be cancelled.

Cormark Securities Inc. (“Cormark“) has agreed to act on behalf of the Company to make purchases of Common Shares under the Offer.

Advantage believes that the common shares have traded in a price range that does not adequately reflect their value relative to the Company’s ongoing operations and growth prospects, and that at these times the purchase of ‘common shares for cancellation will proportionally increase the interest and be beneficial to all shareholders.

As soon as the offices close on April 1, 2022the Company had 190,828,976 common shares issued and outstanding and a public float of 187,040,191.

In addition, the Company has entered into an automatic share purchase plan with Cormark to facilitate repurchases of its common shares under the Offer at times when the Company would not normally be permitted to purchase its securities in because of self-imposed blackout periods. Pursuant to the automatic share purchase plan, Cormark may repurchase common shares within the parameters prescribed by the TSX and applicable securities laws as well as the terms of the plan and the written agreement between the parties. Outside of these blackout periods, Common Shares may be purchased under the Offer at the discretion of management. The automatic share purchase plan has been approved by the TSX.

Although the Company is able to proceed with the Offer at this time (due to continued strong commodity prices and market conditions), the Company is asking shareholders to consider and approve a capital reduction. declared common shares at its next shareholders’ meeting. If such shareholder approval is obtained, it will give the Company the option to purchase additional common shares in the future under additional normal course issuer bids, a substantial redemption or other similar transactions, or if market conditions change significantly.

This press release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction.

Advantage Energy Ltd.
2200, 440 – 2n/a Avenue SW
CalgaryAlberta T2P 5E9
Telephone: (403) 718-8000
Fax: (403) 718-8332


Certain information about Advantage presented in this document contains forward-looking statements that involve important known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “intend”, “believe”, “should”, “anticipate” or other similar words, or statements according to that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Many factors could cause Advantage’s actual results to differ materially from those expressed or implied by forward-looking statements made by or on behalf of Advantage. In particular, forward-looking statements contained herein include, but are not limited to: statements regarding the anticipated benefits to shareholders of the Offer; and the possibility of further purchases of Common Shares by the Company in the future. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risk that the anticipated benefits of the Offer will not be realized. In addition, the future acquisition by the Company of the common shares of the Company, if any, and the level thereof are uncertain. Any decision to acquire shares of the company will be subject to the discretion of the board of directors and may depend on various factors, including, without limitation, the business performance of the company, its financial situation, its financial needs , its growth plans, its anticipated capital requirements and other conditions existing at such future time, including, without limitation, contractual restrictions, satisfaction of solvency tests imposed on the Company under applicable companies and obtaining regulatory approvals. There can be no assurance that the Company will acquire common shares of the Company in the future. Readers are cautioned that the above list of factors is not exhaustive. Although the forward-looking statements contained herein are based on assumptions that management believes are reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to the forward-looking statements contained herein, Advantage has made assumptions regarding, among other things, the Company’s ability to realize the benefits of the Offer. These forward-looking statements are made as of the date of this document, and Advantage disclaims any intention or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required. by applicable securities laws.

SOURCE Advantage Energy Ltd.


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