(Canacol, 28.Jan.2022) — Canacol Energy Ltd. (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) purchased 5,307,700 Common Shares for CAD$3.15 per share under its normal course issuer bid (the “NCIB”), relying on the block purchase exemption under the NCIB rules.
The purchase was made from an arm’s length third party via the TSX Exchange. Canacol’s management is of the view that Canacol’s shares are trading at a significant discount to their net asset value. Canacol is committed to purchasing its shares under its NCIB whenever they trade at a relevant discount to their net asset value, provided that Canacol has sufficient liquidity.
The NCIB, which came into effect on 24 December 2021 and expires no later than 23 December 2022, permits Canacol to purchase and cancel up to 10,513,661 shares. Canacol has purchased and cancelled under the NCIB approximately 5,307,700mn shares for a total cost of approximately CAD$16,719,255mn. There are remaining 5,205,961 million shares that can be purchased under the NCIB.
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