CALGARY, Oct. 7 /CNW/ - Tuscany Energy Ltd. ("Tuscany") announced today
that it has received approval from 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 1,827,000 of the issued
and outstanding Common Shares (being approximately 5% of the 36,550,836 Common
Shares outstanding at October 7, 2008). Purchases will be made on the open
market through the facilities of the Exchange. CIBC Wood Gundy will conduct
the Bid on behalf of Tuscany. The price which Tuscany will pay for any shares
purchased will be the prevailing market price of such shares on the Exchange
at the time of such purchase.
The Bid will commence on October 14, 2008 and will terminate on the
earlier of October 13, 2009, or the date on which Tuscany has acquired all of
the shares sought pursuant to the bid. Any shares acquired by Tuscany pursuant
to the bid will be cancelled.
The Board of Directors of Tuscany believe that the current and recent
market prices of Tuscany'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 Tuscany shareholders who would like to dispose of their
Forward-looking statements - the press release today contains
"forward-looking" information. Actual results could differ materially from the
conclusions, forecasts or projections in the forward-looking information.
Certain material factors and assumptions were applied in drawing the
conclusions or making the forecasts or projections as reflected in the
forward-looking information. Additional information about the material factors
that could cause actual results to differ materially from the conclusion,
forecast or projection in the forward-looking information and the material
factors or assumptions that were applied in drawing the conclusion or making
the forecast or projection as reflected in the forward-looking information is
contained in the press release.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
For further information:
For further information: JGF McLeod, President, Calgary, Alberta,
TUSCANY ENERGY LTD., Telephone: (403) 264-2398, Fax: (403) 264-2399, TSXV:
TUS; Robert W. Lamond, Chairman, Calgary, Alberta, TUSCANY ENERGY LTD.,
Telephone: (403) 269-9889, Fax: (403) 269-9890