CALGARY, May 17, 2013 /CNW/ - Bonnett's Energy Corp. (TSX: BT) announced
today that the Toronto Stock Exchange (the "TSX") has accepted notice
of the Corporation's intention to make a normal course issuer bid
through the facilities of the TSX.
The bid will permit the Corporation to purchase for cancellation up to
518,700 common shares of the Corporation, representing approximately
10% of the Corporation's public float of 5,187,007 common shares and
which represents approximately 3.6% of the Corporation's issued and
outstanding common shares (being 14,570,243 common shares as at May 13,
2013). Daily purchases will be limited to 6,672 common shares, other
than block purchases.
Purchases pursuant to the normal course issuer bid may commence on or
about May 22, 2013 and will terminate on or about May 21, 2014 or on
such earlier date as the Corporation may complete its purchases or
otherwise terminate the bid. The Corporation will pay market price at
the time of acquisition for any common shares purchased under the
normal course issuer bid.
During the period April 18, 2012 to April 17, 2013, the Corporation
purchased 184,600 common shares pursuant to a normal course issuer bid
through the facilities of the TSX at a volume weighted average price of
$4.3578 per share.
The board of directors of the Corporation believes that the
Corporation's common shares have been trading in a price range which
does not adequately reflect their value in relation to the
Corporation's business and its future business prospects. As a result,
depending upon future price movements and other factors, the board of
directors of the Corporation believes that the repurchases of the
common shares of the Corporation are in the best interest of the
Corporation and represent an appropriate use of corporate funds.
Bonnett's Energy Corp. is a diversified corporation, providing wireline,
frac-flowback and testing, fishing, and swabbing services in the
Western Canadian Sedimentary Basin. Bonnett's Energy Corp. is a
publicly traded Canadian corporation listed on the Toronto Stock
Exchange under the symbol "BT".
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
This press release contains forward-looking information within the
meaning of applicable Canadian securities law. This information is
subject to certain risks and uncertainties that could cause actual
results to differ materially from those included in the forward-looking
information. When used in this document, the words "plan",
"anticipate", "believe", "expect", "seek", "propose", "estimate",
"intend" and similar expressions, as well as future or conditional
verbs such as "may", "would", "could", and "will", as they relate to
the Corporation, are intended to identify forward-looking information.
Such information reflects the Corporation's current views with respect
to future events and are subject to certain risks, uncertainties and
assumptions, including, without limitation, those described in the
Corporation's MD&A for the year ended December 31, 2012, under the
heading "Risks and Uncertainties", and "Outlook". Forward-looking
information concerning proposed purchases of common shares are based
upon the current expectations of the Corporation in the current
business environment. Although management of the Corporation believes
that the expectations reflected in such forward-looking information are
reasonable, there can be no assurance that such expectations will prove
to have been correct because, should one or more of the enumerated
risks or uncertainties materialize, or should the assumptions
underlying forward-looking information prove incorrect, actual results
may vary materially from those intended, planned, anticipated,
believed, estimated or expected. Except where required by law, the
Corporation does not assume any obligation to update forward-looking
information if conditions or opinions should change. Readers should
not place undue reliance on forward-looking information. All of the
forward-looking information of the Corporation contained in this press
release is expressly qualified, in their entirety, by this cautionary
statement. Additional information related to the Corporation,
including the Corporation's annual information form, is available under
the Corporation's profile on SEDAR at www.sedar.com.
SOURCE: Bonnett's Energy Corp.
For further information:
Additional information can be obtained by contacting Bonnett's Energy Corp., 65007 43 Hwy., Country of Grande Prairie No. 1, Alberta, T8V 5E7. Information is also available on the Corporation's website at www.bonnettsenergy.com or by contacting Murray Toews, Chief Executive Officer at (780) 513-3400 or David Ross, Chief Financial Officer at (403) 264-3010, Fax: (403) 693-0093, E-mail: email@example.com