Source: Parex Resources Inc.
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  • Parex Resources (PXT) has received TSX approval for a normal course issuer bid
  • Parex will purchase for cancellation up to a maximum of 11,820,533 common shares between January 4, 2022 and January 3, 2023
  • The number of common shares that can be purchased is subject to a daily maximum of 119,661 common shares
  • Parex has entered into an automatic share purchase plan with Peters & Co. Limited in order to facilitate repurchases of its common shares
  • Parex Resources is a Calgary based company that focuses on sustainable, profitable, conventional oil and gas production
  • Parex Resources Inc. (PXT) opened trading at C$21.26 per share

Parex Resources (PXT) has received TSX approval for a normal course issuer bid.

Parex will purchase for cancellation up to a maximum of 11,820,533 common shares between January 4, 2022, and January 3, 2023, or earlier at the company’s discretion.

The company may purchase up to 10 per cent of its public float, as of December 22, 2021.

The number of common shares that can be purchased is subject to a daily maximum of 119,661 common shares. The price that Parex will pay for any common shares will be the prevailing market price on the TSX at the time of such purchase.

As of the close of business on December 22, 2021, the company had 120,555,447 common shares issued and outstanding and a public float of 118,205,330.

Common shares acquired will be cancelled.

Peters & Co. Limited has agreed to act on the company’s behalf to make purchases of common shares.

Parex believes that the common shares have been trading at a price that does not adequately reflect their value and that the purchase of common shares for cancellation will be advantageous to all remaining shareholders.

Parex has entered into an automatic share purchase plan with Peters & Co. Limited in order to facilitate repurchases of its common shares. Peters & Co. Limited may repurchase shares under the normal course issuer bid during the company’s self-imposed blackout periods. The automatic share purchase plan has been approved by the Toronto Stock Exchange and will be implemented effective January 4, 2022.

Parex Resources is a Calgary-based company that focuses on sustainable, profitable, conventional oil and gas production.

Parex Resources Inc. (PXT) opened trading at C$21.26 per share.

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