TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands, Dec. 29, 2014 /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 approval of the TSX Venture Exchange, purchases made pursuant to the Bid will not exceed 1,653,600 of the Class "B" Shares of Orca representing up to 5% of the total of 33,072,000 Class "B" Shares. The Bid provisions will be in effect from January 1, 2015 to December 31, 2015. Orca will spend a maximum of $5,000,000. Purchases pursuant to the Bid will be made by Mackie Research Capital Corporation on behalf of the Corporation.
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.
Forward Looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to: the Corporation's plans to purchase Class "B" Shares under the Bid; and Orca's belief that 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. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies. As a consequence, actual results may differ materially from those anticipated in the forward looking statements. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca's control, and many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by Orca, including, but not limited to: failure to obtain adequate funding to meet the Corporation's obligations as they come due; the impact of general economic conditions in the areas in which Orca operates; civil unrest; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices; foreign exchange or interest rates; stock market volatility; changes in laws; risks associated with negotiating with foreign governments; inability to access sufficient capital; failure to successfully negotiate agreements; and risk that the Corporation will not be able to fulfill its obligations. Readers are cautioned that the foregoing list of factors is not exhaustive. Such forward-looking statements are based on certain assumptions made by Orca, including, but are not limited to: that the Corporation 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; that the Corporation will have adequate funding to continue operations; that the Corporation will successfully negotiate agreements; receipt of required regulatory approvals; commodity prices will not deteriorate significantly; future capital expenditures; conditions in general economic and financial markets; 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.
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.
SOURCE: Orca Exploration Group Inc.