CALGARY, Dec. 16, 2015 /CNW – Pulse Seismic Inc. ("Pulse" or "the Company") announces that the Toronto Stock Exchange (the "TSX") has accepted the Company's Notice of Intention to purchase through a normal course issuer bid up to 3,509,326 common shares (representing 10% of the public float of 35,093,268 common shares as at December 15, 2015). All shares will be purchased through the facilities of the TSX or alternative trading platforms 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 21, 2015 through December 20, 2016. As of December 15, 2015, there were 55,606,589 common shares issued and outstanding.
The Company's purchase of shares during any trading day will not exceed 5,134 common shares (representing 25 percent of the average daily trading volume of the shares on the TSX 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 17, 2014 through December 16, 2015, Pulse purchased 1,906,500 common shares under the normal course issuer bid at a weighted average price of $2.55 per share.
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 28,600 square kilometres of 3D seismic and 340,000 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occur.
SOURCE Pulse Seismic Inc.
For further information: Neal Coleman, President and Chief Executive Officer; or Pamela Wicks, VP Finance and Chief Financial Officer; Tel.: (403) 237-5559, Toll-free: 1-877-460-5559, E-mail: [email protected]; Please visit our website at www.pulseseismic.com.