Vancouver, British Columbia, August 25th, 2015.
Newport Exploration Ltd. ("Newport" or "the Company") wishes to announce that, subject to TSX Venture Exchange approval, it intends to renew its normal course issuer bid for up to 4,025,444 shares of the Company representing 4.6% of the Company's outstanding common shares for an additional year (the "Bid Period").
The new Bid Period will commence on September 1, 2015 and will continue until the earlier of August 31, 2016 or the date by which the Company has acquired the maximum 4,025,444 shares which may be purchased under the bid. The Company does however reserve the right to terminate the bid earlier if it feels it is appropriate to do so. The Company has already purchased 2,229,000 of its outstanding shares under its current normal course issuer bid expiring August 31, 2015.
The Company believes that its shares are currently undervalued and that the repurchase of its shares is an appropriate use of corporate funds.
Purchases will be made through the facilities of the TSX Venture Exchange. During the term of the normal course issuer bid, purchases will only be made by means of open market transactions, and conducted at the market price at the time of acquisition. The Company has appointed PI Financial Corp. as its broker to conduct normal course issuer bid transactions. Common shares purchased by the Company will be subsequently cancelled.
For further information contact:
Barbara Dunfield, CFO
+1 604 685 6851
Neither the 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 accuracy or adequacy of this news release.
Cautionary Statement on Forward-Looking Information
This news release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. These forward-looking statements pertain to assumptions regarding the price of oil, fluctuations in currency markets (specifically the Australian dollar and the U.S. dollar), the future funding of the Company's projects, and the future development of the Company's projects. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, which considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as the Canadian dollar, Australian dollar and U.S. dollar, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, including the risk of obtaining necessary licences and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
© 2015 Newport Exploration Ltd.