CALGARY, May 10, 2017 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP ) today announced that the Toronto Stock Exchange ("TSX") has accepted its notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 4,384,062 common shares or approximately 3 percent of CP's "public float", as at May 1, 2017. The NCIB is scheduled to commence on May 15, 2017 and is due to terminate on May 14, 2018. Purchases of CP common shares under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange ("NYSE") and alternative trading systems by means of open market transactions or by such other means as may be permitted by the TSX and under applicable securities laws, including by private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. The price CP will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by the TSX.