CALGARY, Nov. 26 /CNW/ - Diaz Resources Ltd. announces that it has filed notice with The Toronto Stock Exchange ("the Exchange") to make a Normal Course Issuer Bid (the "Bid"), to purchase through the facilities of the Exchange, from time to time, as it considers advisable, up to 760,000 of the issued and outstanding Common Shares (being approximately 1% of the 76,576,752 Common Shares outstanding at November 25, 2009).
The Bid will commence on December 1, 2009 and terminate on the earlier of November 30, 2010 or the date on which Diaz acquires all of the shares sought pursuant to the Bid. The price which Diaz will pay for any shares purchased through the Bid will be the prevailing market price of such shares on the Exchange at the time of purchase. Any shares acquired by Diaz pursuant to the Bid will be cancelled. The average trading volume for Diaz during the prior six month period of May 1, 2009 to October 31, 2009 was 125,195 shares per day. The daily purchase limitation of the new Bid is 25% of the average daily trading volume during the prior six month period which results in a limit of 31,298 shares per day.
Pursuant to a normal course issuer bid through the facilities of the Exchange that commenced on September 26, 2008, during the prior 12 months Diaz purchased 13,900 Common Shares at an average cost of $0.11 per share. All shares were purchased on the Exchange and have been cancelled.
Diaz believes that, from time to time, the purchase of Common Shares will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
Diaz is an oil and gas exploration and production company based in Calgary, Alberta. Diaz's current focus is on deep gas exploration in Texas and on shallow gas developments in southern Alberta and natural gas exploration in central and southern Alberta.
ADVISORY: This press release contains forward looking statements. Although Diaz believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Diaz can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward looking statements contained in this press release are made as of the date hereof and Diaz undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER THE TORONTO STOCK EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TORONTO STOCK EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE DIAZ RESOURCES LTD.
For further information: For further information: Robert W. Lamond, Chairman, or Brad R. Perry, Chief Financial Officer, DIAZ RESOURCES LTD., Telephone: (403) 269-9889, Fax: (403) 269-9890, Website: www.diazresources.com, Email: email@example.com, TSX: DZR