Pulse Seismic Inc. Receives TSX Approval for Normal Course Issuer Bid and Enters Into Automatic Share Purchase Plan

Rhea-AI Summary

Pulse Seismic (TSX:PSD) (OTCQX:PLSDF) has received TSX approval for a new Normal Course Issuer Bid (NCIB) to purchase up to 2,770,658 common shares, representing 10% of the public float. The NCIB will run from February 24, 2025, through February 23, 2026. Daily purchases will be to 2,866 shares, except for block purchases.

Under the previous NCIB (December 2023-2024), Pulse purchased 1,799,600 shares at an average price of $2.17. The company has also entered into an Automatic Share Purchase Plan (ASPP) to facilitate repurchases during blackout periods.

Pulse owns Canada's largest licensable seismic data library, with approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic data, primarily covering the Western Canada Sedimentary Basin.

Positive

• Authorization to repurchase up to 2,770,658 shares (10% of public float)
• Successful completion of previous buyback with 1,799,600 shares purchased
• Implementation of ASPP enabling continuous share repurchases during blackout periods
• Market leadership position with largest licensable seismic data library in Canada

Negative

• None.

CALGARY, Alberta, Feb. 19, 2025 (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 enter a normal course issuer bid (“NCIB”). The NCIB allows Pulse to purchase up to 2,770,658 common shares (representing 10 percent of the public float of 27,706,584 common shares as at February 17, 2025). All shares will be purchased through the facilities of the TSX and/or alternative Canadian 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 February 24, 2025, through February 23, 2026. As of February 17, 2025, the Company had 50,837,763 common shares outstanding.

The Company’s purchase of shares during any trading day will not exceed 2,866 common shares (representing 25 percent of the average daily trading volume of 11,467 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 December 20, 2023, through December 19, 2024, the NCIB allowed Pulse to purchase up to 2,957,406 common shares. During that period, Pulse purchased 1,799,600 common shares under the normal course issuer bid at a weighted average price of $2.17 per share. All shares were purchased through the facilities of the TSX and/or alternative Canadian trading platforms. All shares purchased under the normal course issuer bid were cancelled.

The Company also entered into an automatic share purchase plan (“ASPP”) with a broker, in order to facilitate repurchases of Pulse’s common shares under its normal course issuer bid (“NCIB”). During the effective period of its ASPP, Pulse’s broker may purchase common shares at times when Pulse would not be active in the market due to regulatory restrictions, including insider trading rules, and Pulse’s own internal trading blackout periods. Purchases will be made by Pulse’s broker based on parameters set by Pulse when it is not in possession of any material non-public information about the Company or its securities, and in accordance with the limits and other terms of the ASPP. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.

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/44800f70-c245-41f0-88a0-9072db871bd7

FAQ

How many shares can Pulse Seismic (PLSDF) repurchase under the new NCIB program?

Pulse Seismic can repurchase up to 2,770,658 common shares, representing 10% of the public float, under the new NCIB program approved by TSX.

What is the duration of Pulse Seismic's (PLSDF) new share buyback program?

The new NCIB program runs from February 24, 2025, through February 23, 2026.

How many shares did PLSDF repurchase under its previous buyback program?

Under the previous NCIB (December 2023-2024), Pulse Seismic purchased 1,799,600 shares at a weighted average price of $2.17 per share.

What is the daily purchase limit for Pulse Seismic's (PLSDF) share buyback?

The daily purchase limit is 2,866 common shares, representing 25% of the average daily trading volume, except for block purchases.

How large is Pulse Seismic's (PLSDF) seismic data library?

Pulse Seismic owns approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic data, making it the largest licensable seismic data library in Canada.