CALGARY, Dec. 19, 2011 /CNW/ - IROC Energy Services Corp. ("IROC" or the
"Corporation") (TSXV: "ISC") announced today that it has received
approval from the TSX Venture Exchange to renew its normal course
issuer bid (the "Bid"). Pursuant to the renewed Bid the Corporation may
purchase, principally through the facilities of the TSX Venture
Exchange, up to a maximum of 5,015,313 of its common shares,
representing 10% of IROC's 50,153,132 issued and outstanding common
shares. Purchases by IROC under the Bid may commence on December 24,
2011 and will end no later than December 24, 2012.
All common shares purchased under the Bid will be cancelled, increasing
the respective proportionate share interests of all remaining
shareholders. The funding for any purchases of common shares pursuant
to the Bid will be financed out of working capital. In any 30 day
period purchases under the Bid may not exceed 2% of the common shares
issued and outstanding at the time the purchases are made. IROC will
pay the market price of its common shares on the TSX Venture Exchange
at the time of acquisition and no purchases will be made other than by
means of open market transactions during the period the Bid is
outstanding.
IROC believes that, depending on the trading price, its common shares
may from time to time be undervalued and may not reflect the underlying
value of its net assets and business. At such times, IROC believes that
the purchase of its common shares at such market prices is a worthwhile
investment. Upon cancellation of such shares in accordance with the
Bid, the holdings of the remaining shareholders represent an increased
proportion of the shares outstanding and, all other things remaining
equal, would result in an increased net asset value per share.
Under its current NCIB, which will expire on December 23, 2011, IROC
purchased 180,000 common shares, representing less than 1% of the
Company's outstanding shares on December 20, 2011, at an average price
of approximately $1.76 per common share.
Publicly reported information for IROC Energy Services Corp. is
available at www.sedar.com.
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that,
through the IROC Energy Services Partnership, provides a diverse range
services and equipment to the oil and gas industry that is among the
newest and most innovative in the WCSB. IROC Energy Services
Partnership operates under the business names of Eagle Well Servicing,
Aero Rental Services and Helix Coil Services. IROC combines
cutting-edge technology with depth of experience to deliver equipment
and services offerings in the following core areas: well servicing &
equipment, rental services and coil tubing services. For more
information on IROC Energy Services Corp., visit our website at www.iroccorp.com.
This press release is not for dissemination in United States or to any
United States news services. The Common Shares of IROC have not and
will not be registered on the United States Securities Act of 1933, as
amended (the "United States Securities Act") or any state securities
laws and are not offered or sold in the United States or to any US
person except in certain transactions exempt from the registration
requirements of the United States Securities Act and applicable state
securities laws.
Neither 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.
