High Arctic Energy Services Inc. (HWO.TO: Quote) said it has made the necessary filings, and received the necessary approvals to conduct a normal course issuer bid through the facilities of the Toronto Stock Exchange.
The TSX has accepted the Corporation's notice to conduct the normal course issuer bid to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, the Corporation is authorized to purchase up to 2.48 million common shares, representing approximately 5% of the currently issued and outstanding common shares of the Corporation.
As of today's date, there are 49.62 million common shares outstanding. On any trading day, High Arctic will not purchase more than 6,248 common shares, other than through block purchase exceptions.
The Corporation is authorized to make purchases during the period from March 23, 2012 to March 22, 2013, or until such earlier time as the normal course issuer bid is completed or terminated at the option of the Corporation.
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by RTT Staff Writer
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