Orca Exploration Group Inc., the BVI-registered international public company engaged in natural gas exploration, development and supply in Tanzania, announced its intention to start a Normal Course Issuer Bid for the purchase of its Class B subordinate voting shares. The Bid is subject to the approval of the TSX Venture Exchange, and will come into effect from June 14, 2019 to June 14, 2020.
Purchases made pursuant to the Bid will not exceed 1,000,000 shares, which represent approximately 3 per cent of the total outstanding class B shares. Purchases pursuant to the Bid will be made by Mackie Research Capital Corporation, under the terms of the automatic purchase plan which allows Mackie to repurchase shares under the Bid during the Corporation’s self-imposed blackout periods.
The automatic share purchase plan will be implemented for a 12 month term from June 14, 2019, and is subject to earlier termination by Orca Exploration.