Tortola, British Virgin Islands – EastCoast Energy Corporation (“EastCoast”) today announced its intention to initiate a Normal Course IssuerBid for purchase of its Class “B” Subordinate Voting Shares through the facilities of the TSX Venture Exchange.
Subject to approval of the TSX Venture Exchange, purchases made pursuant to the bid will not exceed 1,085,379 Class “B” shares of EastCoast representing up to 4.3% of the total of 25,053,128 Class “B” Common Shares. The Normal Course Issuer Bid provisions will be in effect from January 31, 2007 to December 31, 2007. The issuer will spend a maximum of $2,200,000.
EastCoast believes 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. The Class “B” Common shares will be purchased by EastCoast on the open market exclusively through the facilities of the TSXV pursuant to its rules governing normal course issuer bids.
EastCoast is a TSXV listed company, focused on the exploration and production of natural gas and the sale of “Additional Gas” to markets in East Africa. The Company began trading on the TSXV on 31 August 2004 under the trading symbols ECE.B and ECE.A.
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast Energy’s control, including: the impact of general economic conditions in the areas in which the Company operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, government intervention, third party contractual behaviour, the speed at which gas markets develop, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with operating a limited number of producing wells and gas related infrastructure, therefore EastCoast Energy’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast Energy will derive therefrom.
For further information please contact:
Peter Clutterbuck, President and CEO
+255 (0)22 2138737
Nigel A Friend, CFO
+255 (0)22 2138737