RE: Book Value 0.16 With this low volume the rest of the 3 to 4 MIL Share buy back should affect the price dramaticly.
" CALGARY, ALBERTA--(Marketwire - Oct. 26, 2012) -Tuscany Energy Ltd. (TSX VENTURE:TUS) announced today that it has submitted for approval to the TSX Venture Exchange (the "Exchange") a Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 6,085,000 of the issued and outstanding Common Shares (being approximately 5% of the 121,718,018 Common Shares outstanding at October 25, 2012). Purchases will be made on the open market through the facilities of the Exchange. CIBC Wood Gundy will conduct the Bid on behalf of Tuscany. The price which Tuscany will pay for any shares purchased will be the prevailing market price of such shares on the Exchange at the time of such purchase.
Pursuant to a Normal Course Issuer Bid during the last twelve months, Tuscany has purchased 2,198,000 Common Shares at an average price of approximately $0.10.
The Bid will commence on October 29, 2012 and will terminate on the earlier of October 28, 2013, or the date on which Tuscany has acquired all of the shares sought pursuant to the bid. Any shares acquired by Tuscany pursuant to the bid will be cancelled.
The Board of Directors of Tuscany believe that the current and recent market prices of Tuscany's shares do not give full effect to their underlying value and that, accordingly, the purchase of shares will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to Tuscany shareholders who would like to dispose of their shares."