CALGARY, AB, May 18, 2021 /CNW/ - Pan Orient Energy Corp.
("Pan Orient") (TSXV: POE) announced today that it intends to
continue the ability to purchase its common shares pursuant to the
renewal of its normal course issuer bid through the TSX Venture
Exchange ("TSXV").
Under the terms of the bid, Pan Orient will be authorized to
purchase, for cancellation, up to 3,920,884 of its common shares
(10% of the public float), subject to a maximum of 997,620 common
shares (2% of the 49,881,007 issued and outstanding common shares)
during any 30-day period. The ability to purchase common shares
under the bid will commence on May 21,
2021 and end one year from commencement or on the earlier
date on which Pan Orient has either acquired the maximum number of
common shares specified above or otherwise decided not to make any
further purchases.
Purchases under the bid will be made from time to time by
Research Capital Corporation on behalf of Pan Orient through the
TSXV. An automatic share purchase plan agreement with Research
Capital Corporation permits purchases during certain trading
blackout periods. The agreement sets forth the trading parameters
and other instructions for such purchases. Outside of those trading
blackout periods, common shares may be purchased as directed by
management, subject to applicable law.
Common shares purchased will be paid for with cash available
from Pan Orient's working capital. All common shares purchased will
be cancelled.
Pan Orient believes that volatility in commodity prices and the
resulting impact on the market price of its common shares provide
opportunities to Pan Orient to purchase common shares at attractive
prices and the purchases are an appropriate use of funds that will
enhance value of the common shares held by remaining
shareholders.
Pan Orient is a Calgary,
Alberta based oil and gas exploration and production company
with operations currently located onshore Thailand and in Western Canada.
This press release contains forward-looking information.
Forward-looking information is generally identifiable by the
terminology used, such as "expect", "believe", "estimate",
"should", "anticipate" and "potential" or other similar wording.
Forward-looking information in this press release includes
references, express or implied, to Pan Orient's intention to
purchase common shares under its normal course issuer bid, the
ability to purchase shares during a trading blackout period, the
maximum number of shares that may be purchased and the timing
thereof. By its very nature, the forward-looking
information contained in this press release requires Pan Orient and
its management to make assumptions that may not materialize or that
may not be accurate. In addition, the forward-looking information
is subject to known and unknown risks and uncertainties and other
factors, some of which are beyond the control of Pan Orient, which
could cause actual results, expectations, achievements or
performance to differ materially. Although Pan Orient believes that
the expectations reflected in its forward-looking information are
reasonable, it can give no assurances that those expectations will
prove to be correct. Pan Orient undertakes no obligation to update
publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws.
Neither 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.
SOURCE Pan Orient Energy Corp.
