Alston Energy Inc. Announces Normal Course Issuer Bid and Grants
Options
CALGARY,
Nov. 22, 2012 /CNW/ - Alston Energy
Inc. (TSXV: ALO) ("Alston" or the "Company") announces that it
intends to make a normal course issuer bid ("NCIB") through the
facilities of the TSX Venture Exchange ("TSXV") to buy up to
4,124,324 in the capital of the Company ("Common Shares"), which
represents 2.5% of the Corporation's current issued and outstanding
Common Shares. Alston will commence open market purchases of
its Common Shares on November 27,
2012 and terminate any such purchase of its Common Shares on
or before November 26, 2013. The
Corporation may purchase up to, but not more than 2% of its issued
and outstanding Common Shares in any 30 day period during the term
of the NCIB. As of the date of this news release, the
Corporation has 164,972,978 Common Shares issued and
outstanding. Integral Wealth Securities Limited of
Calgary, Alberta has been
appointed by Alston as its broker to facilitate the open market
purchase of its Common Shares pursuant to the NCIB. All purchases
of Common Shares under the NCIB will be undertaken through the
facilities of the TSXV at the prevailing current market price of
the Common Shares as traded on the TSXV.
Alston is of the view that the current market
price of the Common Shares is undervalued. Accordingly, Alston
believes that the repurchase of the shares represents a sound
business decision for the Company. All Common Shares
purchased under the NCIB will be returned to treasury and
cancelled. Shareholders of Alston will be advised of the NCIB
in the next quarterly report of the Company to be mailed to
Shareholders and filed on SEDAR. Shareholders may obtain a
copy of the Notice of Intention to Make a Normal Course Issuer Bid
from Alston without charge.
In addition, Alston wishes to announce that it
has granted Options to certain employees, consultants, officers and
directors of Alston, granting the holders thereof the right to
acquire 12,700,000 Common Shares of Alston at an exercise price of
$0.10 per Common Share for a period
of five years from the date of grant. The Options will vest
1/3 per year over a period of three years. Stock option
grants are subject to the terms and conditions of the Company's
Stock Option Plan and the approval of the TSX Venture Exchange.
About Alston Energy Inc.: Alston is
a junior oil and gas company, incorporated in Alberta with its Common Shares listed on the
TSXV. Its primary exploration focus is in Central and
east-Central Alberta. More
information about Alston can be found on SEDAR under the company's
profile at www.sedar.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Advisory: This press release contains
forward-looking statements. More particularly, this press release
contains statements concerning (i) the timing and size of the NCIB
and (ii) the expected timing of regulatory approval of the TSXV to
the NCIB.
The forward-looking statements contained
in this document are based on certain key expectations and
assumptions made by Alston, including expectations and assumptions
concerning the market price of the Common Shares and the existence
of a liquid market for the Common Shares allowing for open market
purchases of Common Shares at prevailing market prices.
Although Alston believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Alston can give no
assurance that they will prove to be correct. Since forward looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to the potential for a deterioration of economic conditions
or an extended period of economic uncertainty; liquidity risks;
risks arising due to the failure of a major financial institution;
fluctuations in relative currency values; legal claims and/or
regulatory actions against Alston; the unpredictability of, and
fluctuation in, the trading price of the Common Shares; and changes
in laws and governmental regulations.
The forward-looking statements contained
in this document are made as of the date hereof and Alston
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
This press release is not an offer of the
securities for sale in the United
States. The securities have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States
absent registration or an exemption from registration. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful.
SOURCE Alston Energy Inc.