JANUARY 24, 2000
TUSK Announces Normal Course Issuer Bid
CALGARY, ALBERTA--TUSK Energy Inc. (TKE:TSE) intends to acquire up
to 1,257,116 issued common shares in its capital by way of a
normal course issuer bid on the facilities of The Toronto Stock
Exchange. The proposed acquisition represents approximately 10%
of the public float in TUSK common shares. TUSK currently has
13,509,234 common shares issued and outstanding. The bid will
commence on January 26, 2000 and will terminate 12 months
thereafter on January 25, 2001.
TUSK has purchased 672,100 common shares at an average price of
$0.81 per common share under a normal course issuer bid which was
initiated on January 25, 1999 and terminates on January 24, 2000.
The normal course issuer bid has been put in place by the
Corporation because the directors believe that the Corporation's
common shares are undervalued in the market and are a good
investment at current and recent prices. All common shares
purchased by TUSK through the normal course issuer bid will be
returned to treasury for cancellation. |
