CALGARY, Nov. 26 /CNW/ - Sharon Energy Ltd. ("Sharon") announced today that it has filed notice with the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 3,704,278 of the issued and outstanding Common Shares (being approximately 5% of the 74,085,565 Common Shares outstanding at November 15, 2009). Purchases will be made on the open market through the facilities of the Exchange. CIBC Wood Gundy will conduct the Bid on behalf of Sharon. The price which Sharon will pay for any shares purchased by it will be the prevailing market price of such shares on the Exchange at the time of such purchase.
The Bid will commence on December 1, 2009 and will terminate on the earlier of November 30, 2010, and the date on which Sharon acquired all of the shares sought pursuant to the bid. Any shares acquired by Sharon pursuant to the bid will be cancelled.
The Board of Directors of Sharon believe that the current and recent market prices of Sharon's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to Sharon shareholders who would like to dispose of their shares.
ADVISORY: This press release contains forward looking statements. Although Sharon believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Sharon can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward looking statements contained in this press release are made as of the date hereof and Sharon undertakes no obligations 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 SERVICES 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 SHARON ENERGY LTD.
For further information: For further information: Robert W. Lamond, President & Chairman; Brad R. Perry, Chief Financial Officer, Calgary, Alberta, SHARON ENERGY LTD., Telephone: (403) 269-9889, Fax: (403) 269-9890, TSXV: SHY