CALGARY,
AB, Dec. 19, 2023 /CNW/ - Kiwetinohk Energy
Corp. (TSX: KEC) ("Kiwetinohk" or the "Company") is pleased to
announce that the Toronto Stock Exchange (TSX) has approved the
Company's notice to renew its normal course issuer bid (NCIB) for
its common shares.
The NCIB is anticipated to commence on December 22, 2023 and to expire December 21, 2024. Kiwetinohk may purchase up to
2,183,477 common shares under the NCIB, representing 5% of the
43,669,544 issued and outstanding common shares as of December 8, 2023. TSX rules indicate Kiwetinohk
may purchase a maximum of 2,439 common shares on any single day,
representing 25% of the average daily trading volume of the common
shares on the TSX for the six months ended November 30, 2023 of 9,759 common shares.
Kiwetinohk may also make one block purchase per calendar week which
exceeds the daily purchase restriction, subject to TSX rules. The
actual number of common shares that will be purchased under the
terms of the NCIB, and the timing of any such purchases, will be
subject to market conditions and Kiwetinohk's capital allocation
decisions. Use of the NCIB will be made through the facilities of
the TSX and/or alternative Canadian trading systems at the market
price at the time of purchase. Any common shares purchased
under the terms of the NCIB will be cancelled upon their purchase
by Kiwetinohk.
Kiwetinohk is authorized to purchase up to 2,209,159 common
shares under its current NCIB, which will expire on December 21, 2023. To December 8, 2023, 598,147 common shares have been
purchased on the open market under the NCIB at a weighted average
price of $12.74 per common share.
Kiwetinohk also announced today that, in connection with its
intention to implement the NCIB, the Company has renewed its
automatic share purchase plan (ASPP) with a designated broker to
allow for the purchase of its common shares under the NCIB at times
when Kiwetinohk would ordinarily not be permitted to purchase
common shares due to regulatory restrictions and customary
self-imposed blackout periods. Pursuant to the ASPP, Kiwetinohk has
instructed the designated broker to make purchases under the NCIB
in accordance with the ASPP terms. The designated broker will
determine such purchases at its sole discretion based on
Kiwetinohk-set purchasing parameters, without further instructions
by Kiwetinohk, in accordance with TSX rules, applicable securities
laws and the ASPP terms. The ASPP will commence on the NCIB's
effective date and will terminate on the earliest of the date on
which: (a) the maximum annual purchase limit under the NCIB has
been reached; (b) the NCIB expires; or (c) Kiwetinohk terminates
the ASPP in accordance with its terms. The ASPP constitutes an
"automatic securities purchase plan" under applicable Canadian
securities law.
Outside of pre-determined blackout periods, common shares may be
purchased under the NCIB based on management's discretion, in
compliance with TSX rules and applicable securities laws. All
purchases made under the ASPP will be included in computing the
number of common shares purchased under the NCIB.
Kiwetinohk believes the Company's common shares have been
trading in a price range which does not adequately reflect
appropriate value in relation to the Company's current operations,
growth prospects, energy transition projects and financial
position.
Kiwetinohk's capital spending priorities are to enhance the
value of its upstream and power businesses, and the measured
application of an NCIB may be used to both repurchase common shares
at times when management believes that the market price of the
common shares does not adequately reflect underlying value and may
provide additional trading liquidity for shareholders.
About Kiwetinohk
We, at Kiwetinohk, are passionate about addressing climate
change and the future of energy. Kiwetinohk's mission is to build a
profitable energy transition business providing clean, reliable,
dispatchable, affordable energy. Kiwetinohk develops and produces
natural gas and related products and is in the process of
developing renewable power, natural gas-fired power, carbon capture
and hydrogen clean energy projects. We view climate change with a
sense of urgency, and we want to make a difference.
Kiwetinohk's common shares trade on the Toronto Stock Exchange
under the symbol KEC.
Additional details are available within the year-end documents
available on Kiwetinohk's website at kiwetinohk.com and SEDAR+ at
www.sedarplus.ca.
Forward looking information
Certain information set forth in this news release contains
forward-looking information and statements including, without
limitation, management's business strategy, management's assessment
of future plans and operations. Such forward-looking statements or
information are provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "project", "potential", "may" or
similar words suggesting future outcomes or statements regarding
future performance and outlook. Readers are cautioned that
assumptions used in the preparation of such information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company.
In particular, this news release contains forward-looking
statements pertaining to the implementation of the NCIB and the
timing thereof; management's capital spending priorities and the
anticipated benefits of the NCIB. In addition to other factors and
assumptions that may be identified in this news release,
assumptions have been made regarding, among other things: KEC's
business and business strategy and general business, economic and
market conditions. Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions that have been used.
Although the Company believes that the expectations reflected in
such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements
as the Company can give no assurance that such expectations will
prove to be correct. Forward-looking statements or information
involve a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated by the Company
and described in the forward-looking statements or information.
These risks and uncertainties include, but are not limited to, the
risk factors described in greater detail in the Company's annual
information form for the year ended December
31, 2022.
The forward-looking statements and information contained in this
news release speak only as of the date of this news release and the
Company undertakes no obligation to publicly update or revise any
forward-looking statements or information, except as expressly
required by applicable securities laws.
For more information on Kiwetinohk, please contact:
Jakub Brogowski, Chief Financial
Officer
IR email: IR@kiwetinohk.com
IR phone: (587) 392-4395
Pat Carlson, CEO
Jakub Brogowski, CFO
SOURCE Kiwetinohk Energy
