CALGARY, AB–(Marketwired – June 14, 2017) – InPlay Oil Corp. (“InPlay” or the “Corporation“) (TSX: IPO) (OTCQX: IPOOF) today announced the Toronto Stock Exchange (“TSX“) has accepted InPlay’s notice of intention to commence a normal course issuer bid (the “NCIB“). Under the NCIB, InPlay may purchase for cancellation, from time to time, as InPlay considers advisable, up to a maximum of 1,559,904 common shares of the Corporation (“Common Shares“), which represents 2.5% of the 62,396,169 issued and outstanding Common Shares as at today’s date. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by InPlay, subject to a maximum daily purchase limitation of 16,103 Common Shares, which equates to 25% of InPlay’s average daily trading volume of 64,412 for the six months ended May 31, 2017. InPlay may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by InPlay under the NCIB will be cancelled.
InPlay believes that implementing a NCIB is a prudent step in this volatile energy market environment, when at times, the prevailing market price does not reflect the underlying value of its Common Shares. The timely repurchase of our Common Shares for cancellation represents confidence in the long term prospects and sustainability of our business model. Our conservative balance sheet affords us the ability to buy back shares when the market demand falls away. This reduction in share count adds per share value to our shareholders and adds another tool to management’s disciplined capital allocation strategy.
The NCIB will commence on June 16, 2017 and will terminate on June 15, 2018 or such earlier time as the NCIB is completed or terminated at the option of InPlay.
Caution Regarding Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This information includes, but is not limited to InPlay’s intentions with respect to the NCIB and purchases thereunder and the effects of repurchases under the NCIB. Although InPlay believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because InPlay 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. Actual results could defer materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in InPlay’s Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and InPlay undertakes no obligation to update publically 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.
For further information please contact:
Doug Bartole
President and Chief Executive Officer
InPlay Oil Corp.
(587) 955-0632
Darren Dittmer
Chief Financial Officer
InPlay Oil Corp.
(587) 955-0634