CALGARY, Nov. 27, 2019 /CNW/ - Yangarra Resources Ltd.
("Yangarra" or the "Corporation") (TSX:YGR) announces Toronto Stock
Exchange Approval of a Normal Course Issuer Bid ("NCIB").
Pursuant to the NCIB, Yangarra may purchase for cancellation up
to 4,268,152 common shares (the "Shares") of Yangarra, representing
approximately 5% of its 85,363,059 issued and outstanding Shares as
at November 25, 2019. The total
number of Shares that Yangarra is permitted to purchase is subject
to a daily purchase limit of 58,819 Shares, representing 25% of the
average daily trading volume of 235,279 Shares on the TSX
calculated for the six-month period ended October 31, 2019; however, Yangarra may make one
block purchase per calendar week which exceeds the daily repurchase
restrictions.
The NCIB is expected to commence on December 2, 2019 and will terminate on the
earlier of: (i) the date on which the issuer has acquired all
Shares sought pursuant to the NCIB; or (ii) to November 30, 2020 unless earlier terminated at
the option of the issuer, upon prior notice being given to the TSX.
The Shares will be purchased on behalf of Yangarra by a registered
broker 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 NCIB has been put in
place because the Corporation believes that the Shares are a good
investment for the Corporation in the context of equity market
conditions and doesn't believe that the current Share price
reflects the intrinsic value of the Corporation.
The actual number of Shares purchased under the NCIB, the timing
of purchases, and the price at which the Shares will be purchased,
will depend on future market conditions.
Neither the TSX nor its Regulation Service Provider (as that
term is defined in the Policies of the TSX) accepts responsibility
for the adequacy and accuracy of this release.
Forward looking information
Certain information regarding Yangarra set forth in this news
release, management's assessment of future plans, operations and
operational results may constitute forward-looking statements under
applicable securities law and necessarily involve risks associated
with oil and gas exploration, production, marketing and
transportation such as loss of market, volatility of prices,
currency fluctuations, imprecision of reserves estimates,
environmental risks, competition from other producers and ability
to access sufficient capital from internal and external sources. As
a consequence, actual results may differ materially from those
anticipated in the forward-looking statements. Certain of these
risks are set out in more detail in Yangarra's current Annual
Information Form, which is available on Yangarra's SEDAR profile at
www.sedar.com.
In particular, this press release contains forward-looking
statements pertaining to, but not limited to, discussion of planned
Share repurchases under the NCIB. Forward-looking statements are
based on estimates and opinions of management of Yangarra at the
time the statements are presented. Yangarra may, as
considered necessary in the circumstances, update or revise such
forward-looking statements, whether as a result of new information,
future events or otherwise, but Yangarra undertakes no obligation
to update or revise any forward-looking statements, except as
required by applicable securities laws.
SOURCE Yangarra Resources Ltd.