CALGARY, ALBERTA--(Marketwire - Sept. 25, 2012) - CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CXP) ("Canadian Phoenix" or the "Corporation"), announced today that it has received regulatory approval from the TSX Venture Exchange (the "TSX Venture") to make a Normal Course Issuer Bid ("NCIB") commencing September 25, 2012 to purchase for cancellation up to 3,824,796 of its common shares, representing 10% of Canadian Phoenix's public float (as defined by the TSX Venture) as at September 25, 2012. The NCIB will end on September 24, 2013 unless the maximum amount of common shares is purchased before then or Canadian Phoenix provides earlier notice of termination.
The purchase and payment for the common shares will be made by Canadian Phoenix through the facilities of the TSX Venture. Haywood Securities Inc. has been selected as Canadian Phoenix's agent for the NCIB. The price paid for the common shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such common shares on the TSX Venture at the time of such purchase. Canadian Phoenix intends to fund the purchases out of available cash.
Between September 23, 2011 and September 18, 2012, Canadian Phoenix repurchased 1,503,900 of its common shares at a weighted average price of $1.17 per share pursuant to its previously announced NCIB.
Canadian Phoenix believes that the market price of its common shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board's opinion, the proposed purchase of common shares pursuant to the NCIB constitutes an appropriate use of Canadian Phoenix's funds, and the repurchase of its common shares is one way of creating shareholder value.
To the knowledge of Canadian Phoenix, no director, senior officer or other insider of the Canadian Phoenix currently intends to sell any common shares under the NCIB. However, sales by such persons through the facilities of the TSX Venture may occur if the personal circumstance of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other holders whose common shares are purchased.
About Canadian Phoenix
Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas exploration, development and production company seeking investment opportunities in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".
Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Canadian Phoenix's disclosure documents on the SEDAR website at www.sedar.com.
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 adequacy or accuracy of this release.