CALGARY,
AB, June 14, 2024 /CNW/ - Lucero Energy
Corp. ("Lucero" or the "Company") (TSXV: LOU) (OTCQB:
PSHIF) is pleased to announce that the TSXV Venture Exchange (the
"TSXV") has accepted the Company's Notice of Intention to
renew its Normal Course Issuer Bid (the "Bid") to purchase
for cancellation, from time to time, as the Company considers
advisable, up to a maximum of 31,918,128 common voting shares in
the capital of the Company (the "Common Shares"). The
maximum number of Common Shares to be purchased pursuant to the Bid
represents 5.0% of the Company's 638,362,567 Common Shares
outstanding as at May 30, 2024.
Purchases of Common Shares will be made on the open market
through the facilities of the TSXV and/or permitted alternative
trading systems. The price that the Company will pay for any
Common Shares purchased by it will be the prevailing market price
of the Common Shares at the time of such purchase. The actual
number of Common Shares that may be purchased for cancellation and
the timing of any such purchases will be determined by the
Company.
The Bid will commence on June 19,
2024 and will terminate on June 18,
2025 or at such earlier time as the Bid is completed or
terminated at the option of the Company. The Company has retained
Peters & Co. Limited as the broker to conduct the Bid on
Lucero's behalf.
The Company is of the view that at times the trading price of
the Common Shares may not fully reflect the underlying value of the
Company's business. The ability of the Company to repurchase
its Common Shares for cancellation may at times represent an
attractive opportunity to enhance the Company's per Common Share
metrics and thereby increase the underlying value of the Common
Shares for all shareholders.
Under Lucero's previous notice of intention to conduct a normal
course issuer bid, the Company sought and received approval of the
TSXV to purchase 33,120,534 Common Shares for the period from
June 19, 2023, to June 18, 2024. From June
19, 2023 to June 12, 2024, the
Company purchased 32,851,200 Common Shares on the open market at a
weighted-average price of $0.63 per
Common Share.
ADVISORY
Forward-looking Information: This document contains forward-looking information. This
information relates to future events and the Company's future
performance. All information and statements contained herein that
are not clearly historical in nature constitute forward-looking
information, and the words "may", "will", "should", "could",
"expect", "plan", "intend", "anticipate", "believe", "estimate",
"propose", "predict", "potential", "continue", "aim", or the
negative of these terms or other comparable terminology are
generally intended to identify forward-looking information.
Such information represents the Company's internal projections,
estimates, expectations, beliefs, plans, objectives, assumptions,
intentions or statements about future events or performance. This
information involves known or unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. The Company believes that the expectations reflected
in this forward-looking information are reasonable; however, undue
reliance should not be placed on this forward-looking information,
as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. This press
release contains forward-looking information concerning, among
other things, the anticipated advantages of the Bid to the
Company's shareholders and the Company's business strategy. The
reader is cautioned that such information, although considered
reasonable by the Company, may prove to be incorrect. A number of
risks and other factors could cause actual results to differ
materially from those expressed in the forward-looking information
contained in this document including, but not limited to, the risk
that the anticipated benefits of the Bid may not be achieved and
the risk that the Company may not be able to successfully execute
its business strategy. Readers are cautioned that the foregoing
list of factors is not exhaustive. Although the
forward-looking statements contained in this document are based
upon assumptions which management of the Company believes to be
reasonable, the Company cannot assure investors that actual results
will be consistent with these forward-looking statements. With
respect to forward-looking statements contained in this document,
the Company has made assumptions regarding, among other things, the
ability of the Company to fund purchases of Common Shares under the
Bid and its business strategy. These forward-looking statements are
made as of the date of this document and the Company disclaims any
intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or results or otherwise, other than as required by applicable
securities laws.
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 news release.
SOURCE Lucero Energy Corp.