- Africa Oil Corp. (AOI) has received approval for its proposed normal course issuer bid
- Africa Oil is authorized to repurchase up to 40,482,356 of its common shares
- Daily purchases will be limited to no more than 166,870 common shares on the TSX
- The bid will commence on September 27, 2022, and end on September 26, 2023
- Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in Africa
- Africa Oil Corp. (AOI) opened trading at C$2.52
Africa Oil Corp. (AOI) has received approval for its proposed normal course issuer bid.
Under the bid, Africa Oil is authorized to repurchase up to 40,482,356 of its common shares, representing approximately 8.5 per cent of the 477,584,774 Common Shares outstanding as of September 20, 2022.
Africa Oil will be limited to daily purchases of no more than 166,870 common shares on the TSX, being 25 per cent of Africa Oil’s average daily TSX trading volume during the six months ended August 31, 2022.
The bid will commence on September 27, 2022 and end on September 26, 2023.
Africa Oil has entered into an automatic share purchase plan with its designated brokers to allow the company to repurchase common shares when it would ordinarily not be permitted due to regulatory restrictions and customary self-imposed blackout periods.
Any share purchases under the NCIB will be made on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems.
Africa Oil believes that the repurchase of common shares for cancellation represents an efficient way to return value to its shareholders.
Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, development assets in Kenya, and an exploration/appraisal portfolio in Africa and Guyana.
Africa Oil Corp. (AOI) opened trading at C$2.52.