East West Petroleum to Conduct Normal Course Issuer Bid
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 31, 2014) - East West Petroleum Corp. (the "Company") (TSX VENTURE:EW) wishes to announce that, subject to regulatory approval, it will conduct a normal course issuer bid (the "Bid"). The Bid will be for up to 8,882,872 shares of the Company over a period of one year (the "Bid Period"), being 9.53% of Company's issued and outstanding common shares, with up to 1,864,438 shares of the Company purchasable over any 30-day period within the Bid Period, being 2% of Company's issued and outstanding common shares. The Bid Period will commence on February 3, 2014 and will continue until the earlier of February 3, 2015 or the date by which the Company has acquired the maximum 8,882,872 shares which may be purchased under the bid.
Management believes that the market price of the Company's shares may not fully reflect the value of its business and future prospects, and as such it believes that purchasing its own shares for cancellation is an appropriate strategy for increasing long-term shareholder value. With respect to the Company's previous Bid, which expired on October 16, 2013, a total of 998,500 shares of the Company were purchased under the Bid at an average price of $0.3085 per share. As per the previous Bid, purchases will be made through the facilities of the TSX Venture Exchange (the "Exchange"), and the price at which the Company will purchase its shares will be the market price of the shares at the time of acquisition. The Company has appointed Mackie Research Capital Corporation as its broker to conduct normal course issuer bid transactions.
The Company has 93,211,165 common shares issued and outstanding. Common shares purchased by the Company will be returned to treasury for cancellation.
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