- Pipestone Energy Corp. (PIPE) is renewing its normal course issuer bid (NCIB)
- The renewed NCIB is scheduled to commence on November 25, 2022, and is due to expire no later than November 24, 2023
- Pipestone Energy Corp. is an oil and gas exploration, and production company focused on moderately growing its condensate-rich Montney asset base.
- Pipestone Energy Corp. opened trading at $3.41 per share
Pipestone Energy Corp. (PIPE) has scheduled the renewal of its normal course issuer bid (NCIB).
The renewed NCIB is scheduled to commence on November 25, 2022, and is due to expire no later than November 24, 2023.
Pipestone’s inaugural NCIB was launched in November 2021 and has been fully executed with the purchase and cancellation of 9,598,347 common shares of the company for an average price of $4.44 per share.
The NCIB allows Pipestone to purchase up to 13,936,907 common shares, representing five per cent of its 278,738,148 outstanding common shares, on November 14, 2022.
Under the NCIB, common shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada.
All common shares purchased under the NCIB will be cancelled.
The company intends to enter into an automatic securities purchase plan under which its broker may purchase common shares in connection with the NCIB.
Pipestone is committed to a multi-faceted approach to shareholder returns as part of its allocation of free cash flow strategy.
Pipestone has also implemented a quarterly base dividend of $0.030 per common share, commencing in Q1 2023.
The company also has previously announced its intention to launch a substantial issuer bid for up to $50 million in Q1 2023.
Pipestone Energy Corp. is an oil and gas exploration, and production company focused on moderately growing its condensate-rich Montney asset base.
Pipestone Energy Corp. opened trading at $3.41 per share.