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ORCA EXPLORATION GROUP INC.Detailed Chart...ORCA EXPLORATION GROUP INC.Detailed Chart...ORCA Exploration Group Inc. announces Normal Course Issuer Bid
TORTOLA, British Virgin Islands, July 27 /CNW/ - Orca Exploration Group
Inc. ("Orca") today announced its intention to initiate a Normal Course Issuer
Bid 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 1,389,406 Class "B" shares of Orca Exploration
Group Inc. representing up to 5% of the total of 27,788,128 Class "B" Common
Shares. The Normal Course Issuer Bid provisions will be in effect from July
27, 2009 to July 27, 2010. The issuer will spend a maximum of $5,000,000.
Orca 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 Orca on the open market exclusively through the
facilities of the TSXV pursuant to its rules governing normal course issuer
bids.
Orca Exploration Group Inc. 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 August 31,
2004 under the trading symbols ECE.B and ECE.A. Subsequently shareholders
approved a name change for the Company from EastCoast Energy Corporation to
Orca Exploration Group Inc. Shares in the Company now trade on the TSXV
Exchange as ORC.B and ORC.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 Orca Exploration's control, including the impact of general economic
conditions in the areas in which Orca Exploration 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, 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 oil and gas operations, therefore Orca Exploration'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 Orca Exploration will
derive therefrom.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this Press Release.
%SEDAR: 00008952E
For further information: Nigel A. Friend, CFO, +255 (0)22 2138737, nfriend@eastcoast-energy.com; Peter R. Clutterbuck, CEO, +44 (0) 7768 120727, prclutterbuck@eastcoast-energy.com
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