CALGARY, Jan. 29 /CNW/ - Sabretooth Energy Ltd. ("Sabretooth" or the
"Corporation") (TSX:SAB) announces that it has received approval from the
Toronto Stock Exchange ("TSX") to renew its normal course issuer bid to
purchase its common shares for a further one year period. Sabretooth's normal
course issuer bid will commence on February 2, 2009 and will expire on
February 1, 2010, or such earlier date as Sabretooth may complete its
purchases under the normal course issuer bid.
Under Sabretooth's previously approved normal course issuer bid, during
the 12 month period commencing January 31, 2008, Sabretooth purchased an
aggregate 653,100 common shares at an average price of $0.41. All such common
shares have been cancelled.
Sabretooth currently has 38,460,514 common shares issued and outstanding.
Under the renewed normal course issuer bid Sabretooth may purchase up to an
additional 1,923,025 common shares of Sabretooth, representing approximately
5% of the issued and outstanding common shares of Sabretooth. Sabretooth's
maximum daily purchases will be limited to: (a) 34,754 common shares until
March 31, 2009 (or such later date approved by the TSX) and representing 50%
of the average daily trading volume of the common shares on the TSX for the
most recently completed six calendar months (the "ADTV"); and (b) 17,377
common shares thereafter and representing 25% of the ADTV. Purchases will be
made in the open market through the facilities of the TSX in accordance with
its rules and policies. The price that Sabretooth will pay for any such common
shares will be the market price of such common shares at the time of
acquisition. All common shares purchased will be cancelled.
Sabretooth believes that the current trading price of its common shares
does not reflect the value of such shares in relation to Sabretooth's business
and its future business prospects. Accordingly, Sabretooth believes that the
commencement of the normal course issuer bid represents an opportunity to
create value for shareholders, is in the best interests of Sabretooth and its
shareholders and is an appropriate use of Sabretooth's funds.
To the knowledge of Sabretooth, no director, officer or other insider of
Sabretooth intends at present to sell any common shares during the period of
Sabretooth is a public oil and gas exploration and development company,
located in Calgary, Alberta and carrying out operations in Western Canada.
Sabretooth trades on the TSX under the symbol "SAB". Sabretooth's mandate is
to grow through a balanced approach of drill bit adds, accretive acquisitions,
and aggressive exploitation of upside.
For further information:
For further information: Doug Swartout, Sabretooth Energy Ltd., Business
Development, (403) 229-3050 (ext 252), Email: email@example.com, Website:
www.sabretooth.ca; or: Shauna MacDonald, Brookline Public Relations, Inc.,
Media and Investor Relations, (403) 538-5645, Email: