TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands, Oct. 4, 2012 /CNW/ - Orca Exploration Group Inc. ("Orca" or the "Corporation") has announced its intention to initiate a Normal Course Issuer Bid (the "Bid") for purchase of its Class "B" Subordinate Voting Shares ("Class "B" Shares") through the facilities of the TSX Venture Exchange.
Subject to the approval of the TSX Venture Exchange, purchases made pursuant to the Bid will not exceed 1,724,685 of the Class "B" Shares of Orca representing up to 5% of the total of 34,493,706 Class "B" Shares. The Bid provisions will be in effect from October 10, 2012 to October 9, 2013 or such earlier time as the Bid is completed or terminated at the option of the Corporation. Orca will spend a maximum of $5,000,000 pursuant to the Bid.
Orca believes that the purchase of Class "B" Shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the Corporation and its shareholders. The Class "B" Shares will be purchased by Orca on the open market exclusively through the facilities of the TSX Venture Exchange pursuant to its rules governing normal course issuer bids.
Orca is an international public company engaged in hydrocarbon exploration, development and supply of natural gas in Tanzania. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to, the terms of the Bid; the anticipated number of Class "B" Shares to be purchased pursuant to the Bid; the maximum amount to be spent by Orca pursuant to the Bid; and the expected benefits of the Bid. Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits that Orca will derive therefrom. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, including, but not limited to, obtaining required approvals of regulatory authorities; ability to access sufficient capital; risk that the Orca will not be able to fulfill its obligations; the impact of general economic conditions in the areas in which Orca operates; industry conditions, such as fluctuations in commodity prices and foreign exchange or interest rates; stock market volatility; changes in laws and regulations including changes in how they are interpreted and enforced; increased competition; risks related to Orca's business and operations, such as civil unrest, the lack of availability of qualified personnel or management, competition for, among other things, capital, drilling equipment and skilled personnel, failure to obtain required equipment for drilling; delays in drilling plans and failure to obtain expected results from drilling of wells; the production and growth potential of the Orca's assets; and risks associated with negotiating with foreign governments.
Such forward-looking statements are based on certain assumptions made by Orca in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Orca believes are appropriate in the circumstances, including, but are not limited to, timing and amount of capital expenditures; that the Orca will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; commodity prices will not deteriorate significantly; conditions in general economic and financial markets; effects of regulation by governmental agencies; assumptions related to Orca's business such as, the ability of Orca to add production at a consistent rate, infrastructure capacity, the ability of Orca to obtain equipment in a timely manner to carry out exploration, development and exploitation activities, the availability of skilled labour and the impact of increasing competition; and other matters.
The forward-looking statements contained in this press release are made as of the date hereof and Orca undertakes no obligation 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.
SOURCE: Orca Exploration Group Inc.
For further information:
W. David Lyons, Chairman and CEO
Robert Wynne, Chief Financial Officer and Director