06:35 AM EST, 11/18/2024 (MT Newswires) -- International Petroleum Corporation ( IPCFF ) announced earlier Monday that it has completed the current normal course issuer bid and share repurchase program (NCIB), purchasing for cancellation 8,342,119 IPC common shares between December 2023 and November 2024, representing approximately 6.5% of the total outstanding common shares at the commencement of the NCIB.

As previously announced, the IPC Board of Directors has approved, subject to acceptance by the Toronto Stock Exchange (TSX), the renewal of IPC's NCIB for a further 12 months from December 2024 to December 2025. IPC expects that the 2024-2025 NCIB will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel up to a further approximately 7.5 million common shares, representing approximately 6.2% of the total outstanding common shares (10% of IPC's "public float" under applicable TSX rules).

During the period of November 11 to 15, 2024, IPC repurchased a total of 191,989 IPC common shares on Nasdaq Stockholm.