TSX-V: ORC.A, ORC.B
TORTOLA, British Virgin
Islands, Dec. 29, 2014 /CNW/
- Orca Exploration Group Inc. ("Orca" or the "Corporation")
has announced its intention to initiate a Normal Course Issuer Bid
(the "Bid") for purchase of its Class "B" Subordinate Voting Shares
("Class "B" Shares") through the facilities of the TSX Venture
Exchange.
Subject to approval of the TSX Venture Exchange, purchases made
pursuant to the Bid will not exceed 1,653,600 of the Class "B"
Shares of Orca representing up to 5% of the total of 33,072,000
Class "B" Shares. The Bid provisions will be in effect from
January 1, 2015 to December 31, 2015. Orca will spend a maximum of
$5,000,000. Purchases pursuant to the
Bid will be made by Mackie Research Capital Corporation on behalf
of the Corporation.
Orca believes that the purchase of Class "B" Shares under the
Bid will contribute to the facilitation of an orderly market and be
in the best interests of the Corporation and its shareholders. The
Class "B" Shares will be purchased by Orca on the open market
exclusively through the facilities of the TSX Venture Exchange
pursuant to its rules governing normal course issuer bids.
Orca is an international public company engaged in hydrocarbon
exploration, development and supply of natural gas in Tanzania. Orca trades on the TSX Venture
Exchange under the trading symbols ORC.B and ORC.A.
Forward Looking Statements
This press
release contains forward-looking statements. More particularly,
this press release contains statements concerning, but not limited
to: the Corporation's plans to purchase Class "B" Shares under the
Bid; and Orca's belief that purchase of Class "B" Shares under the
Bid will contribute to the facilitation of an orderly market and be
in the best interests of the Corporation and its shareholders.
Although management believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee
future results, levels of activity, performance or achievement
since such expectations are inherently subject to significant
business, economic, operational, competitive, political and social
uncertainties and contingencies. As a consequence, actual results
may differ materially from those anticipated in the forward looking
statements. These forward-looking statements involve substantial
known and unknown risks and uncertainties, certain of which are
beyond Orca's control, and many factors could cause Orca's actual
results to differ materially from those expressed or implied in any
forward-looking statements made by Orca, including, but not limited
to: failure to obtain adequate funding to meet the Corporation's
obligations as they come due; the impact of general economic
conditions in the areas in which Orca operates; civil unrest;
industry conditions; changes in laws and regulations including the
adoption of new environmental laws and regulations and changes in
how they are interpreted and enforced; fluctuations in commodity
prices; foreign exchange or interest rates; stock market
volatility; changes in laws; risks associated with negotiating with
foreign governments; inability to access sufficient capital;
failure to successfully negotiate agreements; and risk that the
Corporation will not be able to fulfill its obligations. Readers
are cautioned that the foregoing list of factors is not
exhaustive. Such forward-looking statements are based on
certain assumptions made by Orca, including, but are not limited
to: that the Corporation will have sufficient cash flow, debt or
equity sources or other financial resources required to fund its
capital and operating expenditures and requirements as needed; that
the Corporation will have adequate funding to continue operations;
that the Corporation will successfully negotiate agreements;
receipt of required regulatory approvals; commodity prices will not
deteriorate significantly; future capital expenditures; conditions
in general economic and financial markets; and other matters. The
forward-looking statements contained in this press release are made
as of the date hereof and Orca undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Orca Exploration Group Inc.