Alvopetro Partners with Research Capital Corporation for NCIB Purchases
Alvopetro has taken a strategic step by appointing Research Capital Corporation as the designated broker to facilitate purchases under the NCIB (Normal Course Issuer Bid). In addition, Alvopetro has entered into an ASPP (Automatic Securities Purchase Plan) with the designated broker, which has been approved by the TSXV.
The ASPP enables the designated broker to buy common shares under the NCIB, even during regulatory restrictions or customary blackout periods. The broker has full discretion to make purchases based on parameters set by Alvopetro, ensuring compliance with TSXV rules and securities laws. The ASPP will remain in effect until the expiration of the NCIB or until a predetermined number of shares have been repurchased.
Outside of the ASPP and blackout periods, Alvopetro may still repurchase common shares at its discretion, complying with regulatory requirements. These repurchases, coupled with quarterly dividends, provide flexibility for stakeholder returns and value creation. Allocation of surplus funds toward share repurchases is planned, with an initial budget of $0.5 million.
Alvopetro aims to balance business reinvestment with shareholder returns and enhance underlying share value. Share repurchases under the NCIB are seen as a tool to reflect the company’s true value and future prospects, benefiting existing shareholders and bolstering liquidity. Future repurchases and dividend plans will be subject to board and senior management approval.
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Alvopetro’s vision is to emerge as a prominent independent upstream and midstream operator in Brazil. By focusing on on-shore natural gas potential in Bahia and developing key assets like Caburé and Murucututu, the company aims to leverage its strategic infrastructure for sustained growth.
Disclaimer: The TSX Venture Exchange and its Regulation Services Provider does not take responsibility for the accuracy of this news release. All financial figures mentioned are in US dollars unless specified otherwise.
Stay updated on non-GAAP financial measures and forward-looking statements by referring to Alvopetro’s official communication channels and MD&A on SEDAR+.