CALGARY, July 6 /CNW/ - Ripper Oil and Gas Inc. ("Ripper") announces that the TSX-V Venture Exchange ("TSX-V") has accepted Ripper's Notice of Intention to Make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Ripper considers advisable, its issued and outstanding common shares ("Common Shares"). There are currently 20,565,409 Common Shares issued and outstanding. Pursuant to the Bid, Ripper intends to purchase for cancellation up to a maximum of 1,028,270 Common Shares, being approximately 5% of Ripper's currently issued and outstanding Common Shares. Notwithstanding the foregoing, pursuant to the rules of the TSX-V, Ripper may not purchase more than 411,308 Common Shares (i.e. 2% of its currently outstanding Common Shares) in a given 30-day period. Purchases under the Bid will be made on the open market through the TSX-V through CIBC World Markets. The price that Ripper will pay for any Common Shares purchased by it under the Bid will be the prevailing market price of the Common Shares on the TSX-V at the time of such purchase. The actual number of Common Shares that may be purchased under the Bid for cancellation and the timing of any such purchases will be determined by Ripper.
The Bid will commence on July 7, 2010 and will terminate on July 6, 2011 or such earlier time as the Bid is completed or terminated at the option of Ripper.
Management of Ripper believes that, from time to time, the market price of the Common Shares may not fully reflect their underlying value and that at such times the purchase of Common Shares would be in the best interests of Ripper as such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders.
Ripper has purchased 203,500 of its Common Shares during the last 12 months.
Ripper is a junior oil and gas company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE RIPPER OIL AND GAS INC.
For further information: For further information: R.G. (Jerry) Ball, President & CEO, Telephone: 403-662-2022