Tourmaline renews normal course issuer bid

The NCIB allows Tourmaline to purchase up to 13,538,778 common shares (representing 5% of its 270,775,559 outstanding common shares as of June 30, 2020) over a period of twelve months commencing on July 20, 2020. The NCIB will expire no later than July 19, 2021. 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 Tourmaline is permitted to purchase is subject to a daily purchase limit of 485,268 common shares, representing 25% of the average daily trading volume of 1,941,075 common shares on the TSX calculated for the six-month period ended June 30, 2020, however, Tourmaline 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 Tourmaline.

Under its most recent normal course issuer bid, Tourmaline obtained approval to purchase up to 13,602,507 of its common shares, of which Tourmaline purchased 1,274,600 at a weighted average price of $11.66 per common share between July 8, 2019 and July 7, 2020, through the facilities of the TSX.

Tourmaline believes that at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Tourmaline’s per share metrics and thereby increase the underlying value of its common shares to its shareholders. Tourmaline will use the NCIB as another tool to enhance total long-term shareholder returns and will be used in conjunction with management’s disciplined free funds flow capital allocation strategy.