Aroway Energy Inc. Announces Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwire - March 15, 2012) - AROWAY ENERGY INC. (TSX VENTURE:ARW)(OTCQX:ARWJF) (www.arowayenergy.com) (the "Company" or "Aroway") announces its intention to commence a normal course issuer bid for up to 2,714,058 common shares of the Company (the "Shares"), representing up to 5% of the common shares issued and outstanding as at February 27, 2012.
Purchases will be by way of open market purchases through the facilities of the TSX Venture Exchange (the "Exchange") and the Company will pay the market price of the Shares at the time of acquisition. The Company will conduct the normal course issuer bid through Jordon Capital markets Inc. All Shares purchased by the Company will be subsequently cancelled. The Company has not previously purchased any of its issued and outstanding Shares.
"With our 2012 operations program already funded, this share repurchase program is an important tool for taking advantage of Aroway's secure and flexible financial position. The current and expected long-term strong oil price and management's belief that the current stock price does not reflect the Company's underlying value, we feel that this is a very prudent investment for the benefit of shareholders at this time," commented Chris Cooper, President & CEO of Aroway Energy. "The normal course issuer bid will be employed opportunistically, alongside the Company's needs for operational cash, in order to improve shareholder value."
The Company has received approval from the Exchange to commence its normal course issuer bid on March 12, 2012. The bid will end on March 11, 2013 or earlier if the number of Shares sought in the normal course issuer bid has been obtained. The Company reserves the right to terminate the bid earlier if it determines such action to be appropriate.