Orca Exploration Group Inc., BVI-domiciled public company engaged in exploration, development and supply of natural gas in Tanzania, announced its intention to initiate a Normal Course Issuer Bid for purchase of its Class “B” Subordinate Voting Shares. The purchase is to be made exclusively through the facilities of the TSX Venture Exchange, subject to its approval, and pursuant to its rules governing normal course issuer bids.
Purchases made pursuant to the Issuer Bid will not exceed 1,724,685 of the Class “B” shares of Orca representing up to 5% of the total of 34,493,706 Class “B” Shares. The Bid provisions will be in effect from October 10, 2012 to October 9, 2013 or earlier if the Bid is completed or terminated at the option of the BVI corporation. Pursuant to the Bid, Orca Exploration will spend maximum of US$5,000,000.
The company considers that the purchase of Class “B” shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the corporation and its shareholders.