- Birchcliff Energy (BIR) has received the approval of the Toronto Stock Exchange to renew its normal course issuer bid (NCIB)
- The corporation’s current bid is scheduled to expire on November 24, 2022
- The NCIB allows Birchcliff to purchase up to 13,295,786 common shares, which represents 5 per cent of its 265,915,722 common shares outstanding as of November 11, 2022
- Birchcliff is an Alberta-based intermediate oil, and natural gas company with operations focused on the Montney/Doig Resource Play in Alberta
- Birchcliff Energy Ltd. was down 1.866 per cent, trading at $10.52 at 2:00 PM ET
Birchcliff Energy (BIR) has received the approval of the Toronto Stock Exchange to renew its normal course issuer bid (NCIB).
The corporation’s current bid is set to expire on November 24, 2022.
The NCIB allows Birchcliff to purchase up to 13,295,786 common shares, which represents 5 per cent of its 265,915,722 common shares outstanding as of November 11, 2022.
This can be done over a period of twelve months, starting from November 25, 2022, and ending no later than November 24, 2023.
Under the NCIB, common shares may be purchased in open market transactions on the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.
The total number of common shares that Birchcliff is permitted to purchase on the TSX during a trading day is subject to a daily purchase limit of 455,368 common shares.
This represents 25 per cent of the average daily trading volume of 1,821,473 common shares on the TSX for the six-month period ended October 31, 2022.
However, Birchcliff may make one block purchase per calendar week which exceeds the daily purchase restriction. All common shares purchased under the NCIB will be cancelled.
There cannot be any assurance as to how many common shares if any, will ultimately be acquired by the corporation.
Under Birchcliff’s existing normal course issuer bid, it obtained the approval of the TSX to purchase up to 13,267,554 common shares over the period from November 25, 2021, to November 24, 2022.
As of November 16, 2022, the corporation had purchased 6,780,792 common shares under the existing NCIB at a weighted average price per share of $8.74 through the facilities of the TSX and alternative Canadian trading systems.
Birchcliff is an Alberta-based intermediate oil, and natural gas company with operations focused on the Montney/Doig Resource Play in Alberta.
Birchcliff Energy Ltd. was down 1.866 per cent, trading at $10.52 at 2:00 PM ET.