Kolibri Global Energy Inc. Announces TSX Approval of Normal Course Issuer Bid
September 16 2024 - 5:45AM
Business Wire
Kolibri Global Energy Inc. (the “Company” or
“Kolibri”) (TSX: KEI, NASDAQ: KGEI) announced today that the
Toronto Stock Exchange (the “TSX”) has accepted a notice
filed by the Company of its intention to make a normal course
issuer bid (a “Bid”) to purchase up to an aggregate of
1,786,798 common shares ("Shares"), being approximately 5%
of the total number of 35,735,965 Shares issued and outstanding as
at September 10, 2024, through the facilities of the TSX and the
Nasdaq Capital Market (the “Nasdaq”) or through alternative
Canadian trading platforms. The actual number of Shares which may
be purchased pursuant to the Bid will be determined by management
of the Company.
Under the Bid, Shares may be repurchased in open market
transactions on the TSX and the Nasdaq and/or other Canadian
marketplaces, or by such other means as may be permitted by the TSX
and the Nasdaq and applicable securities laws. The price which the
Company will pay for any such Shares will be the prevailing market
price at the time of purchase.
Pursuant to TSX rules and policies, the maximum number of Shares
that may be purchased in one day on the TSX pursuant to the Bid
will be the greater of 1,000 and 25% of average daily trading
volume of the Shares on the TSX for the most recently completed six
calendar months, subject to certain prescribed exceptions. 25% of
the average daily trading volume of the Shares on the TSX for the
six calendar months ended August 31, 2024 is 2,889 Shares. In
accordance with U.S. securities laws, the maximum number of Shares
that may be purchased in one day on the Nasdaq pursuant to the Bid
is 25% of average daily trading volume of the Shares on the Nasdaq
in the four calendar weeks preceding the date of purchase, subject
to certain exceptions for block purchases.
The timing of purchases will be determined by management of the
Company. Decisions regarding purchases will be based on market
conditions, share price, best use of available cash, and other
factors. All Shares will be purchased for cancellation and the
funding for any purchase pursuant to the Bid will be financed out
of the working capital of the Company. The duration of the Bid will
be one year and will commence on September 23, 2024 and end on
September 22, 2025.
The Board of Directors believes the underlying value of the
Company may not be reflected in the current market price of its
Shares. As a result, depending upon future price movements and
other factors, the Board believes that the Shares may represent an
attractive investment to the Company and that the purchase of the
common shares would be an appropriate use of corporate funds and in
the best interests of the Company and its shareholders.
Under the terms of the credit facility between the Company’s
operating subsidiary, Kolibri Energy US Inc. (formerly BNK
Petroleum (US) Inc.) (“KEI US”), and the lender, KEI US may
only distribute cash to the Company in certain circumstances.
Accordingly, the Company will only repurchase Shares pursuant to
the Bid using cash which has been distributed to the Company by KEI
US in compliance with the terms of the credit facility.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company
focused on finding and exploiting energy projects in oil and gas.
Through various subsidiaries, the Company owns and operates energy
properties in the United States. The Company continues to utilize
its technical and operational expertise to identify and acquire
additional projects in oil, gas and clean and sustainable energy.
The Company's shares are traded on the Toronto Stock Exchange under
the stock symbol KEI and on the Nasdaq under the stock symbol
KGEI.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws and “forward-looking statements” within
the meaning of United States securities laws (collectively,
“forward looking information”), including statements regarding the
terms under which the Bid will be operated, including the timing of
the Bid, the number and price of Shares that may be purchased under
the Bid, and any anticipated benefits or results of the Bid.
Forward-looking information is based on plans and estimates of
management and interpretations of data by the Company's technical
team at the date the data is provided and is subject to several
factors and assumptions of management, including that the Bid will
be undertaken on the timing and terms anticipated. Forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause plans, estimates and actual results
to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the
assumptions on which such forward looking information is based vary
or prove to be invalid, and the other risks and uncertainties
applicable to exploration and development activities and the
Company's business as set forth in the Company's management
discussion and analysis and its annual information form, both of
which are available for viewing under the Company's profile at
www.sedarplus.ca, any of which could result in delays, cessation in
planned work or loss of one or more leases and have an adverse
effect on the Company and its financial condition. The Company
undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240916471219/en/
For further information, contact: Wolf E. Regener +1
(805) 484-3613 Email: wregener@kolibrienergy.com Website:
www.kolibrienergy.com
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