Orca Energy Announces Normal Course Issuer Bid & Appointment of Officer

Source: www.gulfoilandgas.com 6/14/2021, Location: North America

Orca Energy Group Inc. announces its intention to commence a Normal Course Issuer Bid (the “Bid“) for purchase of its Class B Subordinate Voting Shares (“Class B Shares“) through the facilities of the TSX Venture Exchange (the “Exchange“) and alternative trading systems in Canada.

Purchases made pursuant to the Bid will not exceed 500,000 Class B Shares, representing approximately 2.74% of the total outstanding Class B Shares as at June 3, 2021. In accordance with the policies of the Exchange, purchases under the Bid will commence on June 21, 2021 and will continue until the earlier of the purchase of the maximum number of Class B Shares under the Bid and June 20, 2022.

Purchases pursuant to the Bid will be made by Research Capital Corporation (“Research Capital“) on behalf of the Corporation. Purchases will be made by Research Capital based on the parameters prescribed by the Exchange and applicable securities laws.

Orca has implemented the Bid as it is of the view that at times the trading price of the Class B Shares of the Corporation on the Exchange does not fully reflect the underlying value of the Corporation’s business. Orca believes that its purchase of Class B Shares under the Bid is in the best interest of the Corporation and its shareholders.

Appointment of Officer
Orca would also like to announce that the Board of Directors has confirmed the appointment of Mr. Jay Lyons as the Chief Executive Officer effective immediately. Mr. Lyons has been a member of Orca’s Board of Directors since May 29, 2019 and has been acting as the Interim Chief Executive Officer since September 16, 2020.


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