Primary Petroleum Set to Launch a Normal Course Issuer Bid

Primary Petroleum Corporation (TSXV PIE) announced that they intend to launch a normal course issuer bid to purchase up to 7,353,610 common shares. This move will enable Primary Petroleum to acquire its shares for cancellation.

As quoted in the press release:

Currently, Primary has 147,172,205 common shares issued and outstanding. The common shares that may be repurchased over a twelve-month period represent approximately 5% of Primary’s 147,172,205 outstanding common shares in the public float, or 7,358,610 shares. Primary has appointed Jones Gable & Company Limited as the Participating Organization that will be conducting the Issuer Bid on behalf of Primary with purchases under the Issuer Bid being able to commence on December 22, 2011 through to and including December 22, 2012.

Click here to read the Primary Petroleum Corporation (TSXV:PIE) press release