TAG Oil rallies as buyback of 6.4M shares approved by Toronto Stock Exchange
TAG Oil Ltd (TSE:TAO) (OTCMKTS:TAOIF) rallied Tuesday after announcing that the Toronto Stock Exchange has approved the company’s plan to buy back as many as 6.4 million shares.
The exploration company said in a statement that it plans to purchase and cancel as much as 10% of the 64 million common shares in the public float as of January 18. Echelon Wealth Partners has been hired to conduct the purchases through the Toronto Stock Exchange.
Shares of TAG Oil climbed C$0.02, or 6.1%, to C$0.35 in Tuesday’s Canadian trading, having touched C$0.50 last February. They rose US$0.01, or 3.6%, to US$0.27 on the OTC Markets.
READ: TAG Oil shareholders approve sale of Taranaki basin assets in New Zealand
Vancouver-based TAG Oil’s common share price is at a significant discount to asset value, according to the company.
The buyback will begin February 1 and end next January. Under stock exchange rules, the maximum amount of daily purchases may not exceed 25% of the average trading volume, or 37,871 common shares.
Earlier this month, the company approved the sale of its Taranaki basin assets and operations in New Zealand to Malaysia-based Tamarind Resources Pte Ltd.
–This story has been updated to give Tuesday’s stock trading–
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213534/tag-oil-rallies-as-buyback-of-64m-shares-approved-by-toronto-stock-exchange-213534.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).