CALGARY, Jan. 30 /CNW/ - Profound Energy Inc. ("Profound") (Trading
Symbol: PFX) announced today that the Toronto Stock Exchange has accepted its
Notice to Make a Normal Course Issuer Bid (the "Bid") to purchase, from time
to time, as it considers advisable, up to 1,245,131 of its 24,902,616
currently issued and outstanding common shares (being no greater than 5% of
the issued and outstanding common shares) on the open market through the
facilities of the Toronto Stock Exchange. The price that Profound will pay for
any shares purchased by it will be the prevailing market price of such shares
on the Toronto Stock Exchange at the time of such purchase. Common shares
acquired under the Bid will be cancelled.
The Bid will commence on February 1, 2008 and will terminate on
January 31, 2009 or such earlier time as the Bid is completed or terminated at
the option of Profound. The daily limit on purchases under the Bid is
13,049 common shares, based on 25% of Profound's average daily trading volume
for the prior six months of 52,195 common shares.
Profound believes that the acquisition of its common shares represents an
appropriate use of funds as the market price of its common shares represents a
discount to the fair value of such shares. The purchase of common shares will
increase the proportionate interest of, and be advantageous to, all remaining
shareholders. In addition, the purchases by Profound may increase liquidity to
Profound's shareholders wishing to sell their common shares.
For further information:
For further information: Evelyn Burnett, Vice President Finance and
Chief Financial Officer, at (403) 513-1388