Dynacor Receives TSX Approval to Renew Normal Course Issuer Bid
03 Mai 2022 - 1:30PM
Dynacor Gold Mines Inc. (TSX: DNG) (Dynacor or the
Corporation) is pleased to announce that the Toronto Stock
Exchange (TSX) has approved the Corporation's request to renew a
normal course issuer bid (NCIB) program, through which Dynacor may
purchase, for cancellation, up to 3,082,382 common shares or
approximately 10% of the public float (30,823,829 common shares as
of April 20, 2022).
Dynacor is in a financially strong position to
continue to return a portion of its cash to its shareholders
through the NCIB. Additionally, it is reviewing other value-added
opportunities which could further contribute to enhancing
shareholder value.
The Corporation may purchase shares under the
NCIB over a period of twelve months commencing on May 5, 2022 and
ending May 4, 2023, when the bid expires. NCIB purchases are
through the facilities of the TSX and certain Alternative Trading
Systems (such as Nasdaq CXC and CX2, TSX Alpha Exchange and Omega
ATS), and the price for any repurchased shares will be the
prevailing market price at the time of the acquisition. The
purchase of securities may also be made outside the facilities of
the TSX by private agreements pursuant to exemption orders to be
obtained from the appropriate securities regulator.
All common shares purchased by the Corporation
will be cancelled. The number of shares repurchased on any given
day may not exceed 6,085 common shares, which is equal to 25% of
the average daily trading volume on the TSX for the six-month
period ending March 31, 2022 except where purchases are made in
accordance with the “block purchase exception” of the TSX rules.
The average daily volume for this period was calculated in
accordance with the rules of the TSX and is equal to 24,343 common
shares.
The NCIB represents a proper utilization of
Dynacor’s available funds as part of the Corporation’s capital
management strategy and is being established to enhance shareholder
value.
The extent to which Dynacor repurchases its
shares and the timing of such repurchases will depend upon market
conditions and other corporate considerations, as determined by
Dynacor's management team. The Corporation will use funds from its
existing cash balances to purchase the shares.
Under the previously approved NCIB, which
commenced on May 3, 2021, and terminates on May 2, 2022, Dynacor
could repurchase up to 3,111,165 common shares. As of the date
herof, the number of common shares repurchased under the previous
program through the facilities of the TSX and certain Alternative
Trading Systems is 576,501 with a weighted average price of $3.08
per common share.
ABOUT
DYNACORDynacor is a dividend-paying industrial
gold ore processor headquartered in Montreal, Canada. The
corporation is engaged in gold production through the processing of
ore purchased from the ASM (artisanal and small-scale mining)
industry. At present, Dynacor operates in Peru, where its
management and processing teams have decades of experience working
with ASM miners. It also owns a gold exploration property
(Tumipampa) in the Apurimac department.
The corporation intends to expand its processing
operations in other jurisdictions as well Dynacor produces
environmental and socially responsible gold through its PX IMPACT®
gold program. A growing number of supportive firms from the fine
luxury jewelry, watchmakers and investment sectors pay a small
premium to our customer and strategic partner for this PX IMPACT®
gold. The premium provides direct investment to develop health and
education projects for our artisanal and small-scale miner’s
communities.
Dynacor is listed on the Toronto Stock Exchange
(DNG).
FORWARD-LOOKING
INFORMATION
Certain statements in the preceding may
constitute forward-looking statements, which involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance, or achievements of Dynacor, or
industry results, to be materially different from any future
result, performance or achievement expressed or implied by such
forward-looking statements. These statements reflect management’s
current expectations regarding future events and operating
performance as of the date of this news release.
Shares Outstanding: 38,643,747
Website: http://www.dynacor.com Twitter:
http://twitter.com/DynacorGold
PDF
available: http://ml.globenewswire.com/Resource/Download/fb9d7745-25b8-4bfa-8303-47ac3e0204b5
CONTACT: For more information, please contact:
Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Gold Mines Inc.
T: 514-393-9000 #230
E: investors@dynacor.com
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