CALGARYJan. 29, 2014 /CNW/ – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX: TEI) today announces that a Notice of Intention to make a Normal Course Issuer Bid (the “Bid”), which has been approved by its Board of Directors (the “Board”), and has been filed with and accepted by the Toronto Stock Exchange.  The Corporation believes that the purchase of its shares at recent market prices is a worthwhile investment since, in its view, recent market prices of its shares do not properly reflect the underlying value of its assets and business.

Pursuant to the Bid, Toscana is authorized to repurchase for cancellation up to 469,377 common shares in the capital of Toscana (“Common Shares”), which is equal to 10% of Toscana’s pubic float and approximately 8.8% of the issued and outstanding Common Shares as at January 27, 2014.  As at January 27, 2014, there were 5,330,678 Common Shares issued and outstanding.  The average daily trading volume of the Corporation’s Common Shares from the date of listing on the TSX to the close of trading on January 27, 2014 was 4,341 Common Shares (“ADTV”).  Accordingly, pursuant to the rules of the Toronto Stock Exchange, the maximum number of Common Shares that the Corporation may repurchase in any one day is 25% of the ADTV, which totals 1,085 Common Shares.  Toscana may also make one block purchase per calendar week which exceeds the daily repurchase restriction.

The Bid will commence on January 31, 2014 and will terminate on the earlier of: (i) January 30, 2015; and (ii) the date on which the maximum number of Common Shares are purchased pursuant to the Bid.  Purchases of Common Shares under the Bid will be effected through the facilities of the Toronto Stock Exchange at the market price at the time of purchase.

National Bank Financial Inc. (“National”) has been appointed as the broker firm responsible for making purchases of Common Shares under the Bid on behalf of Toscana pursuant to an automatic share repurchase plan agreement dated January 28, 2014 between Toscana and National (the “ASRP Agreement”).  Concurrent with entering into the ASRP Agreement, Toscana provided National with a certificate, executed by an officer of Toscana, confirming that Toscana is aware of the ASRP Agreement and that to the best knowledge of such officer, there is no material undisclosed information regarding Toscana.  Pursuant to the ASRP Agreement, the timing for the purchase of Common Shares, the number of Common Shares purchased and the price payable for the Common Shares will be determined by National in its sole discretion, without consultation with Toscana, having regard to the price limitations and other terms of the ASRP Agreement and the rules of the Toronto Stock Exchange. go to link best essay editing service india go here problemas usar cialis go to site anxiety research paper buy viagra yahoo viagra deer creek role of media essay writing here source link great ideas for cause and effect essays see url see enter site esl thesis statement ghostwriters sites for school dissertation research watch writing essays for me follow essay on boons of nature follow site research for design project pharmacy college entrance essay About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.  Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

About Sprott Toscana

Sprott Toscana (formerly Toscana Merchant Group) is a team of Calgary-based energy specialists that manage three separate businesses: Toscana Energy Income Corporation (through Toscana Energy Corporation), Toscana Financial Income Trust and Maple Leaf Energy Income LPs. In July 2012, Toscana Merchant Group joined the Sprott Group of Companies when it was acquired by Sprott Inc. (TSX: SII), Canada’s leading alternative asset manager and a global leader in resource investing.

SOURCE Toscana Energy Income Corporation

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Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090