Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE: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 4,512,964 of its common shares (10% of the public float), subject to a maximum of 1,097,708 common shares (2% of the 54,885,407 issued and outstanding common shares) during any 30 day period. The ability to purchase common shares under the bid will commence on or about April 12, 2017 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 Mackie Research Capital Corporation on behalf of Pan Orient through the TSXV. 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 its common shares provide opportunities to Pan Orient to purchase common shares at attractive prices and that 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, Indonesia and in Western Canada.
SOURCE: Pan Orient Energy Corp.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.