Pulse Seismic Inc. Receives TSX Approval for Normal Course Issuer Bid

Rhea-AI Summary

Pulse Seismic announces the Toronto Stock Exchange's approval of its normal course issuer bid (NCIB) to repurchase up to 3,070,659 shares, representing 10% of its public float. This bid will run from November 16, 2022, to November 15, 2023. The maximum purchase on any trading day is set at 4,248 shares. Previously, between November 2021 and November 2022, Pulse bought 159,000 shares at an average price of $1.96. Since 2003, the company has returned $113.9 million to shareholders through dividends and buybacks, with $46.2 million allocated for share repurchases.

Positive

• Commencement of NCIB to repurchase up to 3,070,659 shares, enhancing shareholder value.
• Company purchased 159,000 shares in the prior NCIB, indicating a commitment to returning capital to shareholders.
• Returned approximately $113.9 million to shareholders since 2003, demonstrating a strong track record of shareholder returns.

Negative

• None.

CALGARY, Alberta, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted the Company’s Notice of Intention to commence a normal course issuer bid (“NCIB”).The NCIB allows Pulse to purchase up to 3,070,659 common shares (representing 10 percent of the public float of 30,706,598 common shares as at November 10, 2022). All shares will be purchased through the facilities of the TSX and/or alternative trading platforms. All shares purchased under the normal course issuer bid will be cancelled. The duration of the normal course issuer bid will be from November 16, 2022 through November 15, 2023.

The Company’s purchase of shares during any trading day will not exceed 4,248 common shares (representing 25 percent of the average daily trading volume of 16,995 shares traded on the TSX during the most recently completed six calendar months preceding the filing of the Notice of Intention), subject to Pulse’s ability to make block purchases in accordance with the TSX facilities and rules.

During the period from November 2, 2021 through November 1, 2022, the NCIB allowed Pulse to purchase up to 3,097,433 common shares. During that period, Pulse purchased 159,000 common shares under the normal course issuer bid at a weighted average price of $1.96 per share. All shares were purchased through the facilities of the TSX and/or alternative trading platforms. All shares purchased under the normal course issuer bid were cancelled.

Since 2003, Pulse has returned approximately $113.9 million to its shareholders through dividends and share buybacks. Of this total $46.2 million was for share purchases. Pulse believes that its shares may be undervalued from time to time and that share repurchases can be an attractive investment opportunity that will benefit the remaining shareholders of the company by increasing their proportionate equity investment in the company.

As of the close of business on November 10, 2022, the Company had 53,634,317 common shares outstanding.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, VP Finance and CFO

Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com.

PDF available: http://ml.globenewswire.com/Resource/Download/d5576706-b3b1-43f0-928d-7df3e27ae900

FAQ

What is the purpose of Pulse Seismic's normal course issuer bid (NCIB)?

The NCIB allows Pulse Seismic to repurchase shares to enhance shareholder value and indicates management believes the shares may be undervalued.

How many shares can Pulse Seismic buy back under the NCIB?

Pulse Seismic can repurchase up to 3,070,659 shares, which represents 10% of its public float.

What was the average price Pulse Seismic paid for shares in the previous NCIB?

In the previous NCIB, Pulse Seismic purchased shares at a weighted average price of $1.96.

When does the current NCIB period start and end?

The current NCIB period begins on November 16, 2022, and ends on November 15, 2023.

How much has Pulse Seismic returned to shareholders through buybacks and dividends since 2003?

Since 2003, Pulse Seismic has returned approximately $113.9 million to shareholders through dividends and share buybacks.