CALGARY, Alberta, Nov. 23, 2022 (GLOBE NEWSWIRE) -- (PIPE – TSX) Pipestone Energy Corp. (“Pipestone” or the “Company”) is pleased to announce the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to renew its normal course issuer bid (the “NCIB”). Pipestone’s inaugural NCIB was launched in November 2021 and has been fully executed with the purchase and cancellation of 9,598,347 common shares of the Company (the “Common Shares”) for an average price of $4.44 per share.
The NCIB allows Pipestone to purchase up to 13,936,907 Common Shares, representing 5% of its 278,738,148 outstanding Common Shares as at November 14, 2022. The renewed NCIB is scheduled to commence on November 25, 2022 and is due to expire no later than November 24, 2023. Under the NCIB, Common Shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the rules of the TSX governing NCIB’s.

The total number of Common Shares Pipestone is permitted to purchase is subject to a daily purchase limit of 156,214 Common Shares
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The daily limit is triple the number of the previous NCIB, which will allow them to take advantage when the share price is grossly under-valued, as it is now. As they are allowed to start buying on Friday, I suspect they will be in the market right away.