NORMAL COURSE ISSUER BID / Ironwood Petroleum Ltd.
1998-02-09
CALGARY, ALBERTA
Ironwood Petroleum Ltd. ("Ironwood") (ASE: IWP) intends to purchase up to a
maximum of 500,000 of its Class "A" Common Shares, representing 5.3% of
the 9,399,892 issued and outstanding common shares at February 2, 1998 (or
9.1% of the public float of 5,580,919). This Normal Course Issuer Bid may
commence on or about February 16, 1998 and will terminate on January 31,
1999.
All purchases of shares are to be made through the facilities of The Alberta
Stock Exchange. The purchases and payments for the shares will be made by or
on behalf of Ironwood in accordance with the by-laws and rules of The Alberta
Stock Exchange. The price to be paid for the shares will be the market price
of the shares at the time of acquisition.
Ironwood believes that the current market price of its common shares does not
adequately reflect the value of its business and future prospects and as a
result these shares represent an attractive investment and an appropriate and
desirable use of its available funds. A total of 83,500 of Ironwood's shares
were purchased by Ironwood in the last 12 months pursuant to a 1997 Normal
Course Issuer Bid.
The rules of the Alberta Stock Exchange provide that purchases pursuant to a
Normal Course Issuer Bid shall not be made from directors, officers and other
insiders. Therefore, Ironwood will temporarily discontinue purchases pursuant
to the Normal Course Issuer Bid if Ironwood is informed by a director,
officer, other insider or their affiliates that they are selling shares
through the facilities of The Alberta Stock Exchange.
The officer(s) responsible for issuance of this press release and who may be
contacted for further information is:
Randell J. Hammond, President
Ironwood Petroleum Ltd.
1400, 700 - 4th Avenue S.W.
Telephone (403) 299-1285
Fax (403) 299-1289 |
