NORMAL COURSE ISSUER BID / Dynamic Oil
DYNAMIC OIL LIMITED ANNOUNCES NORMAL COURSE ISSUER BID
RICHMOND, B.C., May 22 /CNW/ - Dynamic Oil Limited
NASDAQ: DYOLF
VSE: DOL
The Company announced today that, subject to regulatory approval, it is
proceeding with a normal course issuer bid whereby it will purchase up to
1,000,000 Common shares, representing approximately 5% of the outstanding
Common shares of the Company. The Company currently has 19,378,607 issued and
outstanding Common shares.
The normal course issuer bid (the ''Bid'') will commence on June 01,
1998, and end on June 01, 1999, or on such earlier date that the Company
completes its purchase. All purchases will be effected through the facilities
of NASDAQ and/or the Vancouver Stock Exchange. The consideration offered will
be cash, payable from the Company's current unallocated working capital and
from revenues received from production on its St. Albert property in Alberta,
Canada, all in accordance with the by-laws and rules of NASDAQ, the VSE and
their respective Securities and Exchange Commissions.
The Company's Directors consider that its Common shares are trading at a
discount to its underlying assets and that the market price is not reflective
of its underlying value. The Company's Directors believe that this is a sound
investment that is beneficial to all shareholders of the Company and will not
preclude the Company from pursuing its other business opportunities.
On behalf of the Board of Directors,
Wayne J. Babcock
President
The NASDAQ and Vancouver Stock Exchanges have not reviewed nor accepted
responsibility for accuracy of this release.
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For further information: Mr. Troy Winsor or Mr. Wayne Babcock,
(800) 663-8072
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