CORP. / Nycan Energy Corp. Normal Course Issuer Bid
Date: 7/24/98 1:29:46 PM
Stock Symbol: NYE
Nycan Energy Corp. ("Nycan") announces today it has received
regulatory approval to purchase, by way of a normal course issuer
bid through the facilities of The Alberta Stock Exchange, at
market price, that number not to exceed 270,642 common shares,
being approximately 3% of its 9,186,150 issued and outstanding
common shares (or 10% of its public float). The maximum
investment intended will not exceed $150,000, subject to review
by the board of directors of Nycan. The bid will commence on July
29, 1998 and expire no later than July 28, 1999. The broker for
any purchases under the bid will be CIBC Wood Gundy Securities
Inc. of Calgary, Alberta. This reason for the bid is that, in the
opinion of the board of directors, the value of Nycan, based on
anticipated cash flows and underlying asset values, is greater
than the present aggregate market price of the common shares and
accordingly, the acquisition of common shares under the bid
represents a worthwhile investment and appropriate use of funds.
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