TSX Symbol - PSD
CALGARY, Nov. 27 /CNW/ - Pulse Seismic Inc. ("Pulse" or "the Company") announces that the Toronto Stock Exchange has accepted the Company's Notice of Intention to purchase through a normal course issuer bid up to 3,277,039 common shares (representing 10% of the public float of 32,770,391 common shares). All shares will be purchased through the facilities of the TSX and all shares purchased under the normal course issuer bid will be cancelled. The duration of the normal course issuer bid will be from December 1, 2009 through November 30, 2010. As of November 13 2009, there were 53,071,383 common shares issued and outstanding.
The Company's purchase of shares during any trading day will not exceed 15,569 common shares (representing 25 percent of the average daily trading volume of the shares based on the number of shares traded during the most recently completed six calendar months preceding the filing of the Notice of Intention), subject to Pulse's ability to make block purchases in accordance with the TSX facilities and rules.
Pulse believes that its common shares may from time to time be undervalued.
During the period from December 1, 2008 through November 13, 2009, Pulse purchased 402,900 common shares under a normal course issuer bid at a weighted average price of $1.46 per share.
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data for the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 258,000 net kilometres of 2D seismic and 12,800 net square kilometres of 3D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occurs. The replacement value of Pulse's library is currently estimated at over $1 billion based on current field replacement costs.
SOURCE Pulse Seismic Inc.
For further information: For further information: Douglas Cutts, President and C.E.O., Tel: (403) 237-5559, Toll-free: 1-877-460-5559, E-mail: firstname.lastname@example.org; Please visit our website at www.pulseseismic.com