VANCOUVER, Dec. 6, 2013 /CNW/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), reports that the Company intends to launch a normal course issuer bid
(the "Bid") to purchase up to 6,073,339 of its common shares through
the facilities of the Toronto Stock Exchange (the "TSX"), subject to
TSX acceptance.
The purchase of common shares under the Bid will enable the Company to
acquire its shares for cancellation. TAG believes that the market price
of the Company's common shares may not reflect their underlying value
and that the purchase of common shares for cancellation will increase
the proportionate interest of, and will be advantageous to, all
remaining shareholders.
There have been 867,000 common share purchased and cancelled under a
normal course issuer bid by TAG within the past twelve months at an
average weighted purchase price of $3.83 per common share.
Currently, TAG has 64,687,052 common shares issued and outstanding. The
common shares that may be repurchased over a twelve-month period
represent approximately 10% of TAG's 60,733,391 outstanding common
shares in the public float. TAG has appointed Richardson GMP Limited
(formerly Macquarie Private Wealth Inc.) as the Participating
Organization that will be conducting the Bid on behalf of TAG with
purchases under the Bid being able to commence on December 10, 2013,
and will terminate on December 9, 2014, or on such earlier date as the
Bid is complete. The average daily trading volume of the common shares
for the previous six calendar months (the "ADTV") was 205,851 common
shares. The amount and timing of such purchases will be determined by
TAG and, in accordance with TSX policies, on any trading day, the
amount of daily purchases may not exceed 25% of the ADTV or 51,462
common shares.
TAG Oil Ltd.
TAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations
focused exclusively in New Zealand. With 100% ownership over all its
core assets, including extensive oil and gas production infrastructure,
TAG is enjoying significant organic value creation through exploration
success and ongoing development and appraisal drilling of several light
oil and gas discoveries. As New Zealand's leading explorer, TAG
actively drills high-impact conventional and unconventional exploration
prospects identified in the Taranaki Basin, East Coast Basin and
Canterbury Basin that covers more than 2,736,390 net acres of land,
prospective for major discovery in New Zealand.
Cautionary Note Regarding Forward-Looking Statements:
Statements contained in this news release that are not historical facts
are forward-looking statements that involve various risks and
uncertainty affecting the business of TAG. Such statements can
generally, but not always, identified by words such as "expects",
"plans", "anticipates", "intends", "estimates", "forecasts",
"schedules", "prepares", "potential" and similar expressions, or that
events or conditions "will", "would", "may", "could" or "should" occur.
All estimates and statements that describe the Company's objectives,
goals, or future plans relating to the Bid are forward-looking
statements under applicable securities laws and necessarily involve
risks and uncertainties. Actual results may vary materially from the
information provided in this release, and there is no representation by
TAG that the actual results realized in the future will be the same in
whole or in part as those presented herein.
Other factors that could cause actual results to differ from those
contained in the forward-looking statements are also set forth in
filings that TAG and its independent evaluator have made, including
TAG's most recently filed reports in Canada under National Instrument
51-101, which can be found under TAG's SEDAR profile at www.sedar.com. TAG undertakes no obligation, except as otherwise required by law, to
update these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors change.
SOURCE TAG Oil Ltd.
