CALGARY,
AB, Nov. 14, 2022 /CNW/ - (TSXV: CWC) CWC
Energy Services Corp. ("CWC" or the "Company") is
pleased to announce that it filed with the TSX Venture Exchange
("TSXV") a Notice of Intention to make a Normal Course
Issuer Bid (the "Bid") to purchase for cancellation, from
time to time, as CWC considers advisable, a maximum of 25,620,671
common shares (the "Common Shares"). CWC has entered into an
"automatic securities purchase plan" (as defined under applicable
securities laws) with Raymond James Ltd. ("Raymond James") for the purpose of making
purchases under the Bid (the "ASPP"). Such purchases will be
determined by Raymond James in its
sole discretion, without consultation with CWC having regard to the
price limitation and aggregate purchase limitation and other terms
of the ASPP and the rules of the TSXV. Conducting the Bid as
an ASPP allows Common Shares to be purchased at times when CWC
would otherwise be prohibited from doing so pursuant to securities
laws and its internal trading policies.
The maximum number of Common Shares to be purchased pursuant to
the Bid represents approximately 5% of the outstanding Common
Shares on the date hereof. Purchases of Common Shares will be made
on the open market through the facilities of the TSXV. The price
that CWC will pay for any Common Shares purchased by it will be the
prevailing market price of the Common Shares on the TSXV at the
time of such purchase. The actual number of Common Shares that may
be purchased for cancellation and the timing of any such purchases
will be determined by Raymond James
in accordance with the ASPP.
Subject to the approval of the TSXV, it is anticipated that the
Bid will commence on or about November 16,
2022 and will terminate on November
15, 2023 or such earlier date as the Bid is completed or
terminated in accordance with the ASPP.
Management of CWC believes that, from time to time, the market
price of the Common Shares may not fully reflect the underlying
value of the Common Shares and that at such times the purchase of
Common Shares would be in the best interests of CWC. Such purchases
will increase the proportionate interest of, and may be
advantageous to, all remaining shareholders. In addition, the
purchases by CWC may increase liquidity to shareholders wishing to
sell their Common Shares.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and
well servicing company operating in Canada and the
United States with a complementary suite of oilfield
services including drilling rigs and service rigs. The Company's
corporate office is located in Calgary,
Alberta, with operational locations in Nisku, Grande
Prairie, Slave Lake,
Sylvan Lake, Drayton Valley, Lloydminster, Provost and Brooks,
Alberta and U.S. offices in Denver, Colorado and Casper, Wyoming. The Company's shares trade on
the TSX Venture Exchange under the symbol "CWC".
Duncan T. Au, FCPA, FCA, CFA,
ICD.D
President & Chief Executive Officer
Stuart King, CPA, CA
Chief Financial Officer
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READER ADVISORY – Neither TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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SOURCE CWC Energy Services Corp.
