Maple Leaf Royalties Corp. Receives Approval for Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwired - Oct. 26, 2015) - Maple Leaf Royalties Corp. (TSX VENTURE:MPL) ("Maple Leaf" or the "Company") announces that the TSX Venture Exchange (the "TSXV") has accepted the notice of Maple Leaf's intention to commence a normal course issuer bid ("NCIB").
On October 8, 2015, Maple Leaf announced its intention to seek TSXV approval for an NCIB. This approval allows the Company to purchase up to 3,982,204 common shares, representing approximately 5.3% of its issued and outstanding common shares and approximately 10% of the Company's "public float" (within the meaning of the rules of the TSXV), over a period of twelve months. The NCIB will commence on November 2, 2015 and will expire no later than November 1, 2016.
All purchases will be made through the facilities of the TSXV at market prices and otherwise in accordance with the rules of the TSXV. The Company may purchase a maximum of 1,508,302 common shares in a given 30-day period. All common shares acquired under the NCIB will be subsequently cancelled. Maple Leaf currently has 75,415,131 common shares issued and outstanding as of October 26, 2015. During the last 12 months, no common shares have been purchased by Maple Leaf under a normal course issuer bid. Canaccord Genuity Corp. will be conducting the NCIB on behalf of the Company.
The board of directors of the Company believes that, from time to time, the market price of the Company's common shares may not adequately reflect the Company's underlying value and future prospects and that, at such times, the purchase of the common shares represents an appropriate use of the Company's financial resources and would be in the best interests of the Company's shareholders. The actual number of common shares which may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors.
About Maple Leaf Royalties Corp.
Maple Leaf Royalties Corp. is focused on oil and gas royalty interests in Canada. The Company owns royalties on oil and gas production with its current asset base concentrated in west central Alberta and including a mixture of oil, natural gas, and natural gas liquids from numerous producing wells. Royalty interests offer unique investment characteristics including revenue that is directly correlated with oil and gas prices, but with minimal exposure to capital and operating costs and no exposure to abandonment and reclamation costs. Maple Leaf intends to grow and diversify its royalty portfolio through the acquisition of additional royalty interests.
For more information visit: www.mapleleafroyalties.ca
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(October 26, 2015 - 7:02 PM EDT)
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