Orca Energy Group Announces Normal Course Issuer Bid
Posted on 01 November 2023
Orca Energy Group Inc. Announces Normal Course Issuer Bid
TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands, November 1, 2023: Orca Energy Group Inc. (“Orca” or the “Corporation”) announces its intention to commence a Normal Course Issuer Bid (the “Bid”) for purchase of its Class B Subordinate Voting Shares (“Class B Shares”) through the facilities of the TSX Venture Exchange (the “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% of the total outstanding Class B Shares as at October 31, 2023. In accordance with the policies of the Exchange, purchases under the Bid will commence on November 6, 2023 and will continue until the earlier of the purchase of the maximum number of Class B Shares under the Bid or November 5, 2024, unless terminated earlier at the option of Orca upon prior notice given to the Exchange. In accordance with the Corporation’s Memorandum of Association, holders of Class A Common Voting Shares (“Class A Shares”) in the capital of Orca 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 Corporation (“Research Capital”) on behalf of the Corporation. Purchases will be made by Research Capital based on the parameters prescribed by the Exchange and applicable securities laws.
Orca 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 believes that its purchase of Class B Shares under the Bid is in the best interest of the Corporation and its shareholders.