Canadian Natural Resources Limited Announces Establishment of Automatic Securities Purchase Plan
April 15 2019 - 5:00AM
Canadian Natural Resources Limited (“Canadian Natural" or the
"Company") announces in connection with its previously announced
Normal Course Issuer Bid ("NCIB") to purchase up to 61,424,856 of
its common shares (“Shares"), it entered into an Automatic
Securities Purchase Plan ("ASPP") with a designated broker. The
ASPP is intended to allow for the purchase of Shares under the NCIB
when the Company would ordinarily not be permitted to purchase
shares due to regulatory restrictions and customary self-imposed
blackout periods.
Pursuant to the ASPP, the Company has provided
instructions to the designated broker to make purchases under the
NCIB in accordance with the terms of the ASPP, which may not be
varied or suspended during the term of the ASPP. Such purchases
will be determined by the designated broker at its sole discretion
based on purchasing parameters set by the Company in accordance
with the rules of the Toronto Stock Exchange ("TSX") and New York
Stock Exchange (“NYSE”), applicable securities laws and the terms
of the ASPP. Shares will be purchased through the facilities of the
TSX or other alternative Canadian marketplaces and the NYSE. The
ASPP has been pre-cleared by the TSX; purchases will commence on
April 16, 2019 and if not terminated sooner based on the terms of
the ASPP, will end on May 10, 2019.
Outside of pre-determined blackout periods,
Shares may be purchased under the NCIB based on management's
discretion, in compliance with TSX rules and applicable securities
laws. The NCIB commenced on May 23, 2018 and ends on May 22,
2019. All purchases made under the ASPP will be included in
computing the number of Shares purchased under the NCIB.
In addition to further strengthening its balance
sheet, investing in exploration and development of its diverse
asset base, and participating in acquisition opportunities, returns
to shareholders remain a priority to create value for Canadian
Natural’s shareholders. The Company targets to remain active in its
purchase of Shares under the NCIB throughout 2019, as the Company
believes it to be an effective use of capital and an efficient
means to return value to its shareholders.
Canadian Natural is a senior oil and natural gas
production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and
Offshore Africa.
CANADIAN NATURAL RESOURCES LIMITED |
2100, 855 - 2nd Street S.W.
Calgary, Alberta, T2P4J8Phone: 403-514-7777 Email:
ir@cnrl.comwww.cnrl.com |
STEVE W.
LAUTExecutive Vice-Chairman TIM S.
MCKAYPresident MARK A. STAINTHORPEChief
Financial Officer and Senior Vice-President, Finance Trading Symbol
- CNQToronto Stock ExchangeNew York Stock Exchange |
Certain information regarding the Company contained herein may
constitute forward-looking statements under applicable securities
laws. Such statements are subject to known or unknown risks
and uncertainties that may cause actual results to differ
materially from those anticipated or implied in the forward-looking
statements. Refer to our website for complete forward-looking
statements www.cnrl.com
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