General Announcement::Canacol Energy Ltd. Announces Renewal of Normal Course Issuer Bid

Issuer & Securities

Issuer/ Manager
CANACOL ENERGY LTD.
Securities
CANACOLENE US$500M5.75%281124A - US134808AD63 - PNTB
CANACOLENE US$500M5.75%281124R - USU13518AC64 - YW0B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
31-Jan-2023 20:00:13
Status
New
Announcement Sub Title
Canacol Energy Ltd. Announces Renewal of Normal Course Issuer Bid
Announcement Reference
SG230131OTHRKAHF
Submitted By (Co./ Ind. Name)
Canacol Energy
Designation
Canacol Energy
Description (Please provide a detailed description of the event in the box below)
Canacol Energy Ltd. Announces Renewal of Normal Course Issuer Bid

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, ALBERTA (January 31, 2023) Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to announce that the Toronto Stock Exchange ( TSX ) has accepted the Corporation s notice to conduct a normal course issuer bid ( NCIB ) in accordance with the rules of the TSX.

As approved by the TSX, the Corporation is authorized to purchase up to 1,971,950 common shares, representing approximately 10% of the public float of Canacol, being 19,719,500 common shares as of January 19, 2023. As of January 19, 2023, there were 34,111,487 common shares outstanding. The maximum number of common shares that Canacol may purchase on any given day is 13,095 common shares, which is 25% of the Corporation s average daily trading volume on the TSX for the six months ended December 30, 2022 of 52,383 common shares (on a post-Consolidation (as defined below) basis). Canacol may also make one weekly block repurchase which exceeds the daily limit subject to prescribed rules. The Corporation has appointed Eight Capital as its broker to conduct the NCIB transactions.

The Corporation is authorized to make purchases during the period from February 2, 2023 to February 1, 2024, or until such earlier time as the NCIB is completed or terminated at the option of the Corporation. Any common shares the Corporation purchases under the NCIB will be purchased on the open market through the facilities of the TSX and/or alternative trading systems in Canada, at the prevailing market price at the time of the transaction. All common shares acquired under the NCIB will be cancelled. The funds to purchase the common shares will be provided by working capital of the Corporation .

The Corporation's previous NCIB expired on December 23, 2022 and the Corporation completed a consolidation of its common shares on the basis of five (5) existing pre-consolidation shares for every one (1) post-consolidation share (the "Consolidation") on January 17, 2023. Under the previous NCIB, the Corporation obtained the approval of the TSX to purchase up to 10,513,661 pre-Consolidation common shares, which represented 10% of the Corporation's public float at the time of approval. The Corporation purchased on the open market and cancelled an aggregate total of 5,609,332 pre-Consolidation common shares at a weighted average price of $3.10 per pre-Consolidation common share under the previous NCIB.

Attachments

31.01.2023 - Canacol Energy Ltd. Announces Renewal of Normal Course Issuer Bid.pdf
Total size =70K