Novus Energy Inc. announces normal course issuer bid
September 12 2011 - 7:00AM
PR Newswire (Canada)
CALGARY, Sept. 12, 2011 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWS
WIRE SERVICES OR DISSEMINATION IN THE U.S./ CALGARY, Sept. 12, 2011
/CNW/ - Novus Energy Inc. ("Novus" or the "Company") (TSXV: NVS)
announces that it intends to make a normal course issuer bid
through the facilities of the TSX Venture to buy up to 5,000,000 of
its issued and outstanding Common Shares. This amount
represents approximately 3% of Novus' 169.5 million issued and
outstanding Common Shares. The bid will commence September 15, 2011
and expire September 14, 2012 and any shares acquired pursuant to
the bid will be cancelled. The bid will be conducted through
National Bank Financial Inc., a member of the TSX Venture Exchange.
Novus' reasoning for the normal course issuer bid is that from time
to time the purchase of Common Shares for cancellation will
increase the proportionate interest of, and be advantageous to, all
remaining shareholders. In addition, any purchases made by
Novus will afford increased liquidity to those shareholders of the
Company who may wish to dispose of their Common Shares. Novus
Energy Inc. is a well positioned, junior oil and gas company with a
proven management team committed to aggressive, cost-effective
growth of high netback light oil reserves and production. Novus
will continue to grow through a targeted acquisition and
consolidation strategy coupled with development and exploration
drilling. Novus Shares trade on the TSX Venture Exchange under the
symbol NVS. Novus currently has 169.5 million common shares
outstanding. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release will not constitute an
offer to sell or the solicitation of an offer to buy the securities
in any jurisdiction. Such securities have not been registered under
the United States Securities Act of 1933 and may not be offered or
sold in the United States, or to a U.S. person, absent
registration, or an applicable exemption therefrom. ADVISORY
REGARDING FORWARD LOOKING STATEMENTS Certain disclosures set forth
in this press release constitute forward-looking statements.
Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking
statements. Forward-looking statements are often, but not
always, identified by the use of words such as "anticipate",
"believes", "budget", "continue", "could", "estimate", "forecast",
"intends", "may", "plan", "predicts", "projects", "should", "will"
and other similar expressions. All estimates and statements
that describe the Company's future, goals, or objectives, including
Management's assessment of future plans and operations, may
constitute forward-looking information under securities laws.
Forward-looking statements involve known and unknown risks and
uncertainties which include, but are not limited to: exploration,
development and production risks; assessments of acquisitions;
reserve measurements; availability of drilling equipment; access
restrictions; permits and licenses; aboriginal claims; title
defects; commodity prices; commodity markets; transportation and
marketing of crude oil, liquids and natural gas; reliance on
operators and key personnel; competition; corporate matters;
funding requirements; access to credit and capital markets; market
volatility; cost inflation; foreign exchanges rates; general
economic and industry conditions; environmental risks; Kyoto
protocol; and government regulation and taxation. Forward-looking
statements relate to future events and/or performance and although
considered reasonable by Novus at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated in the statements made. Novus does not
undertake any obligation to publicly update forward-looking
information except as required by applicable securities law. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/September2011/12/c9908.html
p /p table tr valign="top" td align="left" bNOVUS ENERGY INC./b /td
td align="right" /td td colspan="2" align="right" /td
/tr tr valign="top" td align="left" Hugh G. Rossbr/ President and
CEObr/ (403) 218-8895 /td td align="right" /td td
align="left" Ketan Panchmatiabr/ Chief Financial Officerbr/ (403)
218-8876 /td td align="left" Julian Dinbr/ VP Business
Developmentbr/ (403) 218-8896 /td /tr /table p /p
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