CALGARY, Dec. 2 /CNW/ - Diaz Resources Ltd. (TSX: DZR) 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 858,000 of the issued and outstanding Common Shares (being approximately 1% of the 85,878,252 Common Shares outstanding at December 2, 2010).
The Bid will commence on December 6, 2010 and terminate on the earlier of December 5, 2011 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 June 1, 2010 to November 30, 2010 was 67,767 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 16,941 shares per day.
Pursuant to a normal course issuer bid through the facilities of the Exchange that commenced on December 1, 2009, during the prior 12 months Diaz purchased 138,000 Common Shares at an average cost of $0.11 per share. All shares were purchased on the Exchange and have been cancelled.
The purchase of Common Shares by Diaz will increase the proportionate interest of all remaining shareholders in the Corporation. Diaz believes that this will be advantageous to the remaining shareholders.
Diaz is an oil and gas exploration and production company based in Calgary, Alberta. Diaz's current focus is on oil development in Alberta and Saskatchewan.
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.
For further information: For further information:
Robert W. Lamond, Chairman - or - Donald K. Clark, Chief Operating Officer