CALGARY,
AB, Dec. 20, 2022 /CNW/ - Kiwetinohk Energy
Corp. (TSX: KEC) is pleased to announce that the Toronto Stock
Exchange (TSX) has approved the Company's application for an
automatic share purchase plan (ASPP) and normal course issuer bid
(NCIB). The ASPP is intended to allow for the purchase of
Kiwetinohk's common shares under the NCIB at times when Kiwetinohk
would ordinarily not be permitted to purchase common shares due to
regulatory restrictions and customary self-imposed blackout
periods.
The NCIB is anticipated to commence December 22, 2022 and to expire December 21, 2023. Kiwetinohk may purchase up to
2,209,159 common shares under the NCIB, representing 5% of the
44,183,181 issued and outstanding common shares as of
December 19, 2022. TSX rules indicate
Kiwetinohk may purchase a maximum of 6,471 common shares on any
single day, representing 25% of the average daily trading volume of
the common shares on the TSX for the six months ended November 30, 2022 of 25,886 common shares.
Kiwetinohk may also make one block purchase per calendar week which
exceeds the daily purchase restriction, subject to TSX rules. The
actual number of common shares that will be purchased under the
terms of the NCIB, and the timing of any such purchases, will be
subject to market conditions and Kiwetinohk's capital allocation
decisions. Use of the NCIB will be made through the facilities of
the TSX and/or alternative Canadian trading systems at the market
price at the time of purchase. Any common shares purchased under
the terms of the NCIB will be cancelled upon their purchase by
Kiwetinohk.
Pursuant to the ASPP, Kiwetinohk has instructed the designated
broker to make purchases under the NCIB in accordance with the ASPP
terms. The designated broker will determine such purchases at its
sole discretion based on Kiwetinohk-set purchasing parameters,
without further instructions by Kiwetinohk, in accordance with TSX
rules, applicable securities laws and the ASPP terms. The ASPP will
commence on the NCIB's effective date and will terminate on the
earliest of the date on which: (a) the maximum annual purchase
limit under the NCIB has been reached; (b) the NCIB expires; or (c)
Kiwetinohk terminates the ASPP in accordance with its terms. The
ASPP constitutes an "automatic securities purchase plan" under
applicable Canadian securities law.
Outside of pre-determined blackout periods, common shares may be
purchased under the NCIB based on management's discretion, in
compliance with TSX rules and applicable securities laws. All
purchases made under the ASPP will be included in computing the
number of common shares purchased under the NCIB.
Kiwetinohk believes the Company's common shares have been
trading in a price range which does not adequately reflect
appropriate value in relation to the Company's current operations,
growth prospects, energy transition projects and financial
position. Kiwetinohk's capital spending priorities remain on
growing the upstream production and advancing its power project
development portfolio, and the measured application of an NCIB may
be used to both repurchase common shares at times when management
believes that the market price of the common shares does not
adequately reflect underlying value and to provide additional
trading liquidity for shareholders.
About Kiwetinohk
We, at Kiwetinohk, are passionate about addressing climate
change and the future of energy. Kiwetinohk's mission is to build a
profitable energy transition business providing clean, reliable,
dispatchable, affordable energy. Kiwetinohk develops and produces
natural gas and related products and is in the process of
developing renewable power, natural gas-fired power, carbon capture
and hydrogen clean energy projects. We view climate change with a
sense of urgency, and we want to make a difference.
Kiwetinohk's common shares trade on the Toronto Stock Exchange
under the symbol KEC.
Additional details are available within the year-end documents
available on Kiwetinohk's website at www.kiwetinohk.com and SEDAR
at www.sedar.com.
Forward looking information
Certain information set forth in this news release contains
forward-looking information and statements including, without
limitation, management's business strategy, management's assessment
of future plans and operations. Such forward-looking statements or
information are provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "project", "potential", "may" or
similar words suggesting future outcomes or statements regarding
future performance and outlook. Readers are cautioned that
assumptions used in the preparation of such information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company.
In particular, this news release contains forward-looking
statements pertaining to the implementation of the NCIB and the
timing thereof; management's capital spending priorities and the
anticipated benefits of the NCIB. In addition to other factors and
assumptions that may be identified in this news release,
assumptions have been made regarding, among other things: KEC's
business and business strategy and general business, economic and
market conditions. Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions that have been used.
Although the Company believes that the expectations reflected in
such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements
as the Company can give no assurance that such expectations will
prove to be correct. Forward-looking statements or information
involve a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated by the Company
and described in the forward-looking statements or information.
These risks and uncertainties include, but are not limited to, the
risk factors described in greater detail in the Company's annual
information form for the year ended December
31, 2021.
The forward-looking statements and information contained in this
news release speak only as of the date of this news release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statements or information, except as expressly
required by applicable securities laws.
FOR MORE INFORMATION ON KIWETINOHK, PLEASE
CONTACT:
Mark
Friesen, Director, Investor Relations
IR phone: (587) 392-4395
IR email: IR@kiwetinohk.com
Address: Suite 1500, 250 - 2 Street S.W. Calgary, Alberta T2P 0C1
Pat
Carlson, CEO
Jakub Brogowski, CFO
SOURCE Kiwetinohk Energy
