CALGARY, Dec. 23, 2013 /CNW/ - AKITA Drilling Ltd. today announced that
it has established an automatic share repurchase plan with a designated
broker to facilitate the repurchase of Class A Non-Voting Shares under
AKITA's current normal course issuer bid. The plan has been reviewed by
the Toronto Stock Exchange ("TSX") and will be implemented effective
December 23, 2013. The plan permits the AKITA's broker to repurchase
Class A Non-Voting Shares under the normal course issuer bid at any
time, including during internal blackout periods and/or when AKITA is
in possession of undisclosed material information, without the control
or influence of the company, subject to certain price limitations and
other parameters prescribed by the plan.
AKITA'S normal course issuer bid commenced on May 30, 2013 and
terminates on May 29, 2014. As of December 23, 2013, AKITA has
repurchased 7,165 Class A Non-Voting Shares under the bid.
Forward-Looking Information: Certain statements contained in this news
release may constitute forward-looking information. Forward-looking
information is often, but not always, identified by the use of words
such as "anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. Forward-looking
information involves known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking information. The Company
believes that the expectations reflected in the forward-looking
information are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
information should not be unduly relied upon. In particular, there can
be no assurance that a transaction will be completed. Any
forward-looking information contained in this news release represents
the Company's expectations as of the date hereof, and is subject to
change after such date. The Company disclaims any intention or
obligation to update or revise any forward-looking information whether
as a result of new information, future events or otherwise, except as
required by applicable securities legislation.
AKITA is an Alberta corporation engaged in the contract drilling
business in Western Canada and the North and is listed on the Toronto
Stock Exchange under the symbol AKT.
SOURCE: AKITA Drilling Ltd.
For further information:
Vice-President, Finance and Chief Financial Officer
Web site: http://www.akita-drilling.com