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

Rhea-AI Summary

Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) has received approval from the Toronto Stock Exchange for a normal course issuer bid to repurchase up to 3,097,433 common shares, representing 10% of its public float. This bid will commence on November 2, 2021, and conclude on November 1, 2022. Daily purchases will be capped at 8,113 shares. The company has a history of returning $109.1 million to shareholders via dividends and buybacks, indicating a belief that shares may be undervalued. Pulse is a leader in seismic data acquisition, holding Canada's largest licensable seismic data library.

Positive

• Approval for a normal course issuer bid to repurchase up to 3,097,433 shares.
• Demonstrated commitment to returning value to shareholders with $109.1 million returned since 2003.
• Potential for share repurchases to benefit remaining shareholders by increasing equity.

Negative

• None.

CALGARY, Alberta, Oct. 29, 2021 (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 3,097,433 common shares (representing 10 percent of the public float of 30,974,330 common shares as at October 20, 2021). All shares will be purchased through the facilities of the TSX, or alternative trading platforms and all shares purchased under the normal course issuer bid will be cancelled. The duration of the normal course issuer bid will be from November 2, 2021 through November 1, 2022. As of October 28, 2021, there were 53,793,317 common shares issued and outstanding.

The Company’s purchase of shares during any trading day will not exceed 8,113 common shares (representing 25 percent of the average daily trading volume of 32,455 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.

Since 2003, Pulse has returned approximately $109.1 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 October 28, 2021, the Company has 53,793,317 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/a10e0cc0-8514-4973-9e42-c279528031d8

FAQ

What is the normal course issuer bid for Pulse Seismic (PLSDF)?

Pulse Seismic's normal course issuer bid allows for the repurchase of up to 3,097,433 common shares, starting November 2, 2021, through November 1, 2022.

How many shares will Pulse Seismic buy back daily under the NCIB?

The daily purchase limit under the NCIB is set at 8,113 shares, which is 25% of the average daily trading volume.

How much has Pulse Seismic returned to shareholders historically?

Since 2003, Pulse Seismic has returned approximately $109.1 million to its shareholders through dividends and share buybacks.

What percentage of common shares can Pulse Seismic repurchase?

Pulse Seismic can repurchase up to 10% of its public float, which is 3,097,433 common shares as of October 20, 2021.