CALGARY, June 3, 2016 /CNW/ - (TSXV: CWC) CWC Energy Services Corp. ("CWC" or the "Company") is pleased to announce that it intends to renew its Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as CWC considers advisable, a maximum of 19,512,200 common shares (the "Common Shares"), subject to receipt of approval from the TSX Venture Exchange ("TSXV"). The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 5% of the outstanding Common Shares on the date hereof. Purchases of Common Shares will be made on the open market through the facilities of the TSXV. The price which CWC will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSXV at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by CWC.
It is anticipated that the Bid will commence on June 8, 2016 and will terminate on June 7, 2017 or such earlier date as the Bid is completed or terminated at the option of CWC. The Company has retained Raymond James Ltd. as its broker to conduct the normal course issuer bid on its behalf.
Management of CWC believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of CWC. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by CWC may increase liquidity to shareholders wishing to sell their Common Shares.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including drilling rigs, service rigs, and coil tubing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Nisku, Grande Prairie, Slave Lake, Red Deer, Drayton Valley, Lloydminster, Provost, and Brooks, Alberta. The Company's shares trade on the TSX Venture Exchange under the symbol "CWC".
READER ADVISORY - Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CWC Energy Services Corp.
For further information: CWC Energy Services Corp., 610, 205 - 5th Avenue SW, Calgary, Alberta, T2P 2V7, Telephone: (403) 264-2177, Email: [email protected]; Duncan T. Au, CPA, CA, CFA, President & Chief Executive Officer; Craig Flint, CPA, CA, Chief Financial Officer