Orca Exploration Group Inc. announces Normal Course Issuer Bid
TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin Islands. Orca Exploration Group Inc. (“Orca” or the "Corporation") has announced its intention to initiate a Normal Course Issuer Bid (the "Bid") for purchase of its Class “B” Subordinate Voting Shares ("Class "B" Shares") through the facilities of the TSX Venture Exchange.
Subject to approval of the TSX Venture Exchange, purchases made pursuant to the Bid will not exceed 1,387,146 of the Class “B” Shares of Orca representing up to 5% of the total of 27,742,928 Class “B” Shares. The Bid provisions will be in effect from October 10, 2010 to October 9, 2011 and Orca will not make any purchases under the Bid until after completion of its previously announced rights offering. Orca will spend a maximum of $5,000,000.
Orca believes that the purchase of Class “B” Shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the Corporation and its shareholders. The Class “B” Shares will be purchased by Orca on the open market exclusively through the facilities of the TSX Venture Exchange pursuant to its rules governing normal course issuer bids.
Orca is an international public company engaged in hydrocarbon exploration, development and supply of natural gas in Tanzania. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.For further information please contact:
|W. David Lyons, Chairman and CEO
|Nigel A. Friend, CFO
+255 (0)22 2138737
Note Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca’s control, including the impact of general economic conditions in the areas in which Orca operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statement and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Orca will derive therefrom. The forward-looking statements contained in this press release are made as of the date hereof and Orca undertakes no obligation 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. Not for dissemination or distribution in the United States or to United States news wire services.