Stock Exchange: TSX
CALGARY, April 23, 2015 /CNW/ - Tesla Exploration Ltd. ("Tesla" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted Tesla's notice of intention to commence a normal course issuer bid (the "NCIB").
As at April 17, 2015, there are 22,207,422 common shares of Tesla ("Common Shares") outstanding. Under the terms of the NCIB, Tesla may purchase, from time to time, as Tesla considers advisable, up to a maximum of 1,110,371 Common Shares, being 5% of the currently issued and outstanding Common Shares, during the course of the NCIB. Tesla's average daily trading volume for the period of October 1, 2014 to March 31, 2015 (inclusive) was 2,387 Common Shares. In accordance with TSX rules, a maximum daily repurchase of 1,000 Common Shares may be made. During the past 12 months, 525,000 Common Shares were repurchased by Tesla at a weighted average price of $2.6405 per Common Share.
Tesla is making the NCIB because it believes that the market price of its Common Shares does not reflect their underlying value and that the NCIB may provide value by reducing the number of Common Shares outstanding at attractive prices.
Purchases of Common Shares will be made on the open market through the facilities of the TSX, alternative trading systems or such other exchanges or marketplaces through which the Common Shares may trade from time to time. The price which Tesla will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares at the time of such purchase. All Common Shares purchased under the NCIB will be cancelled.
The NCIB will commence on April 28, 2015 and will terminate on April 27, 2016 or such earlier date on which Tesla completes its purchases of Common Shares under the NCIB or terminates the NCIB at its option.
Tesla provides seismic land data acquisition in a multitude of environments in Canada through Tesla Exploration Partnership, in the U.S.A. through Tesla Exploration Inc., in South and Central America through Tesla Exploration Trinidad Ltd., Tesla Exploration Colombia S.A.S. and Tesla Do Brasil Geotecnia Ltda., which was incorporated in 2014 to explore offshore opportunities off the coast of Brazil. Tesla serves other markets in Europe and Africa through Tesla Exploration International Limited. Tesla has an international data processing office in the United Kingdom. Tesla Offshore LLC operates geophysical hazard surveys and provides positioning services for construction and diving operations in the Gulf of Mexico and internationally using its own vessel and other chartered vessels. Tesla has grown both organically and through acquisitions funded by retained earnings and prudent levels of borrowing, from a Canadian focused land seismic business to a global provider of a broad suite of geophysical and related services. Tesla trades on the TSX under the symbol "TXL".
SOURCE Tesla Exploration Ltd.
For further information: Requests for shareholder information should be directed to: Mr. Richard Habiak, President and CEO, (403) 216-0990; Mr. Graham Reid, Vice President and CFO, (403) 692-4602