TSX-V: HME
VANCOUVER, June 27, 2019 /CNW/ - Hemisphere Energy
Corporation (TSX-V: HME) ("Hemisphere" or the "Company") is pleased
to announce that the TSX Venture Exchange (the "TSXV") has accepted
the Company's Notice of Intention to make a Normal Course Issuer
Bid (the "NCIB") to purchase for cancellation, from time to time,
as Hemisphere considers advisable, up to 8,016,731 common shares
("Common Shares") of the Company, representing approximately ten
percent (10%) of the current public float of the Common Shares.
Purchases of Common Shares will be made on the open market
through the facilities of the TSXV. For any Common Shares
purchased, Hemisphere will pay the prevailing market price of the
Common Shares. The actual number of Common Shares that may be
purchased for cancellation and the timing of any such purchases
will be determined by the Company and dependent on market
conditions.
The Company is commencing the NCIB because it believes that,
from time to time, the market price of its Common Shares may not
properly reflect the underlying, intrinsic value of the Company,
and that, at such times, the purchase of Common Shares for
cancellation will increase the proportionate interest of, and be
advantageous to, all remaining shareholders.
The NCIB will commence on July 2,
2019 and will terminate on July 1,
2020 or at such earlier time as the NCIB is completed or
terminated at the option of Hemisphere. The Company has retained
Canaccord Genuity Corp. as its broker to conduct the NCIB on its
behalf.
About Hemisphere Energy Corporation
Hemisphere Energy Corporation is a Canadian oil and gas company
focused on the development of low risk conventional oil assets for
minimal capital exposure by drilling known pools of oil and
optimizing waterflood projects. Hemisphere plans continued growth
in production, reserves, and cash flow by focusing on existing
projects and executing strategic acquisitions. Hemisphere trades on
the TSX Venture Exchange as a Tier 1 issuer under the symbol
"HME".
Note Regarding Forward-Looking Statements and Other
Advisories
This document contains forward-looking information. This
information relates to future events and the Company's future
performance. All information and statements contained herein that
are not clearly historical in nature constitute forward-looking
information, and the words "may", "will", "should", "could",
"expect", "plan", "intend", "anticipate", "believe", "estimate",
"propose", "predict", "potential", "continue", "aim", or the
negative of these terms or other comparable terminology are
generally intended to identify forward-looking information. Such
information represents the Company's internal projections,
estimates, expectations, beliefs, plans, objectives, assumptions,
intentions or statements about future events or performance. This
information involves known or unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. Hemisphere believes that the expectations reflected in
this forward-looking information are reasonable; however, undue
reliance should not be placed on this forward-looking information,
as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. This press
release contains forward-looking information concerning, among
other things, the anticipated advantages of the NCIB to
Hemisphere's shareholders and the Company's business strategy, the
price to be paid by Hemisphere for purchases of Common Shares under
the NCIB and Hemisphere's plans for continued growth in production,
reserves, and cash flow by focusing on existing projects and
executing strategic acquisitions. The reader is cautioned that such
information, although considered reasonable by the Company, may
prove to be incorrect. A number of risks and other factors could
cause actual results to differ materially from those expressed in
the forward-looking information contained in this document
including, but not limited to, the risk that the anticipated
benefits of the NCIB may not be achieved and the risk that the
Company may not be able to successfully execute its business
strategy or growth plans. Readers are cautioned that the foregoing
list of factors is not exhaustive. Although the forward-looking
statements contained in this document are based upon assumptions
which management of Hemisphere believes to be reasonable,
Hemisphere cannot assure investors that actual results will be
consistent with these forward-looking statements. With respect to
forward-looking statements contained in this document, Hemisphere
has made assumptions regarding, among other things, the ability of
Hemisphere to fund purchases of Common Shares under the NCIB and
its business strategy. These forward-looking statements are made as
of the date of this document and Hemisphere disclaims any intent or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
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 news release.
SOURCE Hemisphere Energy Corporation
