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Arête Industries, Inc. recently repurchased 1,200,000 shares of its common stock from one of its significant shareholders pursuant to an agreement under which the shares were purchased at a price of $0.19 per share for total consideration of $228,000.
The repurchased shares represented 8.92% of the Company's outstanding shares at the time of purchase and reduced the Company's outstanding shares of common stock from 13,451,466 shares to 12,251,466 shares.
In addition, three of our executive officers and/or directors purchased 260,000 shares of Company common stock from the same significant shareholder, representing 2.12% of the Company's outstanding shares after taking into account the Company's share repurchase noted above.