International Petroleum Corporation Announces TSX Approval for
Renewal of Normal Course Issuer Bid
International Petroleum Corporation
("IPC" or the "Corporation") (TSX, Nasdaq Stockholm: IPCO) is
pleased to announce that the Toronto Stock Exchange (the "TSX") has
approved IPC's notice of intention to renew the Corporation's
normal course issuer bid (the "NCIB").
Under the NCIB, the Corporation is authorized to
purchase, through the facilities of the TSX and/or Nasdaq
Stockholm, or as otherwise permitted under Canadian securities
laws, as and when considered advisable by IPC, up to 8,342,119
common shares in the capital of the Corporation (the
"Common Shares"), representing approximately 6.50%
of the 128,224,820 Common Shares outstanding as at November 22,
2023 (or 10% of IPC's "public float" (as defined in the TSX Company
Manual) of 83,421,196 Common Shares as at November 22, 2023), over
a period of twelve months commencing on December 5, 2023 and ending
on December 4, 2024, or until such earlier date as the NCIB is
completed or terminated by IPC.
The maximum number of Common Shares which can be
purchased each day on Nasdaq Stockholm will be 25% of the average
daily trading volume of the Common Shares for the 20 trading days
preceding the date of purchase, subject to certain exceptions for
block purchases. In addition, IPC will be limited to daily
purchases of no more than 18,990 Common Shares on the TSX, being
25% of IPC's average daily TSX trading volume of 75,962 Common
Shares during the six months ended October 31, 2023 (excluding
purchases of Common Shares on the TSX by IPC under its previous
NCIB), subject to certain exceptions for block purchases and other
prescribed exemptions available under applicable Canadian
securities laws. IPC currently does not hold any Common Shares in
treasury.
In connection with the NCIB, IPC has entered
into an automatic share purchase plan (the "ASPP")
with its designated broker to allow IPC to repurchase Common Shares
when it would ordinarily not be permitted to purchase Common Shares
due to regulatory restrictions and customary self-imposed blackout
periods. Pursuant to the ASPP, IPC may provide standard
instructions during non-blackout periods to its designated broker,
which instructions may not be varied or suspended during the
blackout period. Outside of any blackout periods, Common Shares
will be purchased in accordance with management's discretion. All
purchases made under the ASPP will be included in computing the
number of Common Shares purchased under the NCIB. The ASPP has been
reviewed and pre-cleared by the TSX and may be terminated by IPC or
its broker in accordance with its terms, or will terminate on the
expiry of the NCIB.
Any Common Shares that IPC purchases under the
NCIB will be purchased on the open market through the facilities of
the TSX and/or Nasdaq Stockholm, or as otherwise permitted under
Canadian securities laws, at the prevailing market price at the
time of such purchase and in accordance with the applicable rules
and policies of the TSX and Nasdaq Stockholm and applicable
Canadian and Swedish securities laws. The actual number of Common
Shares that will be purchased, and the timing of any such
purchases, will be determined by IPC, subject to the limits imposed
by the TSX, Nasdaq Stockholm and under applicable Canadian
securities laws. There cannot be any assurances as to the number of
Common Shares that will ultimately be acquired by IPC. Any Common
Shares purchased by IPC under the NCIB will be cancelled.
IPC believes that the purchase of Common Shares
for cancellation represents an effective use of IPC's capital and
an efficient way to return value to IPC's shareholders.
IPC's prior normal course issuer bid (the
"Previous NCIB") for the purchase of up to
9,333,859 Common Shares, which commenced on December 5, 2022, will
expire on December 4, 2023. As of November 22, 2023, IPC purchased
an aggregate of 9,333,479 Common Shares under the Previous NCIB.
Purchases were made on the open market and pursuant to the pervious
automatic share purchase plan.
About International Petroleum
Corp.International Petroleum Corp. (IPC) is an
international oil and gas exploration and production company with a
high quality portfolio of assets located in Canada, Malaysia and
France, providing a solid foundation for organic and inorganic
growth. IPC is a member of the Lundin Group of Companies. IPC is
incorporated in Canada and IPC's shares are listed on the Toronto
Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the
symbol "IPCO".
For further information, please contact:
Rebecca GordonVP
Corporate Planning and Investor
Relationsrebecca.gordon@international-petroleum.comTel: +41 22 595
10 50 |
|
Robert
ErikssonMedia Managerreriksson@rive6.chTel: +46 701 11 26 15 |
Forward-Looking Statements This
press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information"
(within the meaning of applicable securities legislation). Such
statements and information (collectively, "forward-looking
statements") relate to future events, including the Corporation's
future performance, business prospects or opportunities. Actual
results may differ materially from those expressed or implied by
forward-looking statements. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement. Forward-looking statements speak only as of
the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable
laws.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "forecast", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe", "budget" and
similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements
include, but are not limited to, statements with respect to: the
commencement of the NCIB; the ability to IPC to acquire Common
Shares under the NCIB, including the timing of any such purchases;
and the return of value to IPC's shareholders as a result of the
NCIB.
The forward-looking statements are based on
certain key expectations and assumptions made by IPC, including
expectations and assumptions concerning: prevailing commodity
prices and currency exchange rates; applicable royalty rates and
tax laws; interest rates; future well production rates and reserve
and contingent resource volumes; operating costs; the timing of
receipt of regulatory approvals; the performance of existing wells;
the success obtained in drilling new wells; anticipated timing and
results of capital expenditures; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
timing, location and extent of future drilling operations; the
successful completion of acquisitions and dispositions; the
benefits of acquisitions; the state of the economy and the
exploration and production business in the jurisdictions in which
IPC operates and globally; the availability and cost of financing,
labour and services; and the ability to market crude oil, natural
gas and natural gas liquids successfully.
Although IPC believes that the expectations and
assumptions on which such forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because IPC can give no assurances that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to: the
risks associated with the oil and gas industry in general such as
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
estimates and projections relating to reserves, resources,
production, revenues, costs and expenses; health, safety and
environmental risks; commodity price fluctuations; interest rate
and exchange rate fluctuations; marketing and transportation; loss
of markets; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to complete or realize the
anticipated benefits of acquisitions or dispositions; the ability
to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals; changes
in legislation, including, but not limited to, tax laws, royalties
and environmental regulations; and general economic and market
conditions. Readers are cautioned that the foregoing list of
factors is not exhaustive.
Additional information on these and other
factors that could affect IPC, or its operations or financial
results, are included in the management's discussion and analysis
(MD&A) for the nine months ended September 30, 2023 (See
"Cautionary Statement Regarding Forward-Looking Information"
therein), the Corporation's Annual Information Form (AIF) for the
year ended December 31, 2022 (See "Cautionary Statement Regarding
Forward- Looking Information", "Reserves and Resources Advisory"
and " Risk Factors" therein) and other reports on file with
applicable securities regulatory authorities, including previous
financial reports, management's discussion and analysis and
material change reports, which may be accessed through the SEDAR
website (www.sedar.com) or IPC's website
(www.international-petroleum.com).
CurrencyAll dollar amounts in
this press release are expressed in United States dollars, except
where otherwise noted. References herein to USD mean United States
dollars. References herein to CAD mean Canadian dollars.
- IPC PR TSX Approval for Renewal of NCIB 01-12-23
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