Lycos Energy receives TSXV approval to repurchase up to 10.7 million common shares under renewed normal course issuer bid
Lycos Energy Inc. (TSXV: LCX) just got the green light from the TSX Venture Exchange to kick off a renewed normal course issuer bid. That means the Calgary-based heavy-oil producer can now repurchase up to 10,661,989 common shares — around 10% of its public float. The program runs from November 2, 2026, through November 1, 2027.
Lycos Energy approved to buy back up to 10.7 million shares
The TSXV formally accepted Lycos’s intention to launch the renewed NCIB, with the program taking effect November 2, 2026. It runs through November 1, 2027, unless Lycos hits its repurchase ceiling or winds things down early.
The maximum buyback volume is 10,661,989 common shares — roughly 10% of the public float, which the Exchange pegged at 106,619,894 shares. As of October 27, 2026, Lycos had 131,852,762 common shares issued and outstanding in total.
Standard disclosure language, yes — but it carries real weight, signaling that management thinks the stock might be trading below what the assets are actually worth.
That gap between the two figures is worth a quick note. A chunk of Lycos’s shares sits outside the float, held by insiders or in restricted positions, and the NCIB targets only the publicly tradeable portion.
Company cites potential share undervaluation as rationale
Lycos was straightforward about its reasoning. The company stated that at certain times, the trading price of its common shares may not fully reflect the underlying value of its business. Standard disclosure language, yes — but it carries real weight, signaling that management thinks the stock might be trading below what the assets are actually worth.
The logic from there is fairly direct. If shares are underpriced, buying them back is an efficient use of capital, and management sees repurchases as a way to deploy financial resources while potentially improving per-share metrics for remaining investors.
Lycos also noted that buybacks could increase the underlying value of shares for investors who stay in. As outstanding shares decrease, each remaining share represents a slightly larger ownership stake in the same underlying business. One detail worth flagging: as of the announcement date, none of Lycos’s directors, senior officers, or other insiders had indicated any intention to sell shares under the NCIB — a useful signal that the program is designed for market-facing repurchases, not to hand insiders an exit.
Automatic share purchase plan with National Bank Financial to execute trades
To carry out the repurchases, Lycos has set up an automatic share purchase plan — referred to in the announcement as “the Plan” — with National Bank Financial Inc. (NBF) as the designated broker.
The Plan serves a specific structural purpose. Securities regulations and company policies often restrict when a public company can buy its own shares, particularly during blackout periods when management might be sitting on material undisclosed information ahead of an earnings release or major announcement. Without a pre-arranged plan, those windows could go completely unused.
By setting parameters with NBF in advance, Lycos can keep making purchases even when it’d otherwise be restricted from acting. NBF executes trades based on those pre-established parameters, removing discretion from the company’s hands during sensitive periods. Outside blackout windows, repurchases happen at management’s discretion within the limits set by applicable law. All trades go through TSXV facilities and/or alternative trading systems, shares are acquired at market price plus any brokerage fees charged by NBF, and every share purchased under the NCIB will be cancelled — not held in treasury or reissued.
Previous NCIB expired with zero shares repurchased
Here’s where things get a bit more complicated. Lycos isn’t new to the NCIB process. The company ran a prior program starting November 3, 2025, set to expire November 2, 2026 — the day before the new one kicks in.
Under that expiring program, Lycos was authorized to repurchase up to 4,661,208 common shares. As of the October 27 announcement, the company had repurchased exactly zero.
That’s a notable data point, though it doesn’t necessarily mean something went wrong. Companies often establish NCIBs as a capital allocation option without committing to use them fully, or at all — market conditions, share price movements, and competing uses of capital all factor into those decisions. Still, it means the renewed program has no track record of actual buyback activity to point to.
What has changed is the scale of the authorization — more than double the previous program’s ceiling. The new NCIB allows repurchases of up to 10,661,989 shares, compared to the 4,661,208 limit before. Whether Lycos will actually deploy that capacity remains an open question.
What this means for Lycos shareholders
Lycos is a Calgary-based oil company focused on the exploration, development, and production of heavy-oil assets in East Central Alberta. The NCIB fits into a broader capital allocation framework that management appears to be building out — even if the prior program went entirely unused.
The renewed bid gives Lycos flexibility through November 2027 to repurchase shares at market price whenever management judges it appropriate. The automatic plan with NBF ensures the company can act even during restricted periods, and all repurchased shares will be cancelled, gradually reducing the total share count over time. That last part only matters, of course, if the program actually gets used. Shareholders looking for more detail can reach CEO Dave Burton at (403) 616-3327 or CFO Lindsay Goos at (403) 542-3183, or check the company’s SEDAR+ profile at sedarplus.ca.
Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.
