May 16, 2018
WHITECAP RESOURCES INC. RECEIVES TSX APPROVAL FOR RENEWED NORMAL COURSE ISSUER BID AND CONFIRMS MONTHLY DIVIDEND FOR MAY OF $0.0257 PER SHARE
CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap") (TSX: WCP) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted the notice of Whitecap's intention to commence a normal course issuer bid (the "NCIB"). Whitecap previously purchased an aggregate of 2,502,322 common shares at a weighted average price per share of $8.76 under a normal course issuer bid that runs between May 18, 2017 to May 17, 2018.
The NCIB allows Whitecap to purchase up to 20,864,806 common shares (representing 5% of its 417,296,134 outstanding common shares as of May 4, 2018) over a period of twelve months commencing on May 18, 2018. The NCIB will expire no later than May 17, 2019. Under the NCIB, common shares may be repurchased in open market transactions on the TSX and other alternative trading platforms in Canada and in accordance with the rules of the TSX governing NCIB's. The total number of common shares Whitecap is permitted to purchase is subject to a daily purchase limit of 455,083 common shares, representing 25% of the average daily trading volume of 1,820,333 common shares on the TSX calculated for the six-month period ended April 30, 2018, however, Whitecap may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Whitecap.