- New Stratus Energy (NSE) has announced a normal course issuer bid
- Between July 20, 2022 and end on July 19, 2023, the company may purchase up to 6,024,675 common shares for cancellation
- Paradigm will purchase common shares under the bid for cancellation
- New Stratus Energy is a Canadian resource company focused on exploring and developing oil & gas assets
- New Stratus Energy Inc. (NSE) is down 6.67 per cent on the day, trading at C$0.70 per share at 3 pm ET
New Stratus Energy (NSE) has announced a normal course issuer bid (NCIB).
The bid will commence on July 20, 2022, and end on July 19, 2023. The bid remains subject to approval from the Exchange.
Under the bid, New Stratus may acquire up to 6,024,675 common shares over 12 months, representing approximately 5 per cent of its current issued and outstanding common shares. The company currently has 120,493,505 common shares issued and outstanding.
All shares purchased under the bid will be returned to treasury and cancelled.
New Stratus has entered into an automatic share repurchase plan with Paradigm. Paradigm will purchase common shares under the bid for cancellation.
New Stratus believes that the market price of its common shares may not accurately reflect their underlying value based on New Stratus’s business prospects and financial position. New Stratus believes that the bid is in the corporation’s and its shareholders’ best interests.
New Stratus Energy is a Canadian resource company focused on exploring and developing oil & gas assets. Its projects are located in Colombia, Ecuador, Venezuela and Peru.
New Stratus Energy Inc. (NSE) is down 6.67 per cent on the day, trading at C$0.70 per share at 3 pm ET.
