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