Petroleum Africa
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Tuesday, December 30, 2014
Orca Exploration Group Inc. intends to initiate a Normal Course Issuer Bid for purchase of its Class “B” Subordinate Voting Shares through the facilities of the TSX Venture Exchange.
Subject to approval of the TSX, purchases made pursuant to the bid will not exceed 1,653,600 of the Class “B” Shares of Orca representing up to 5% of the total of 33,072,000 Class “B” Shares. The bid provisions will be in effect from January 1, 2015 to December 31, 2015. Orca will spend a maximum of $5,000,000. Purchases pursuant to the bid will be made by Mackie Research Capital Corp. on behalf of the company.
Orca believes that the purchase of Class B shares under the bid will contribute to the facilitation of an orderly market and be in the best interests of the company and its shareholders. The Class B shares will be purchased by Orca on the open market exclusively through the facilities of the TSX Venture Exchange pursuant to its rules governing normal course issuer bids.
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