Centerra Gold Announces TSX Acceptance of Renewed Normal Course Issuer Bid
November 03 2023 - 7:45AM
Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the
“Company”) is pleased to announce that the Toronto Stock Exchange
(“TSX”) has accepted its renewal of a normal course issuer bid
(“NCIB”) to purchase for cancellation up to an aggregate of
18,293,896 common shares in the capital of the Company (“Common
Shares”) during the twelve-month period commencing on November 7,
2023 and ending on November 6, 2024, representing approximately
8.48% of Centerra’s total issued and outstanding Common Shares, or
10% of the public float. As of October 31, 2023, Centerra had
215,807,212 issued and outstanding Common Shares.
Under the NCIB, daily purchases would be limited
to 191,219 Common Shares, other than purchases made under block
purchase exemptions. Once the NCIB is commenced, the exact timing
and amount of any purchases will depend on market conditions and
other factors. Centerra will not be obligated to acquire any Common
Shares and may suspend or discontinue purchases under the NCIB at
any time. Any purchases made under the NCIB will be made at market
price at the time of purchase through the facilities of the TSX
and/or alternative Canadian trading systems in accordance with
applicable securities laws and stock exchange rules. The Company’s
previous NCIB, in respect of which the Company sought and received
approval from the TSX, authorized the purchase of up to 15,610,813
Common Shares and expired on October 12, 2023. A total of 5,298,200
Common Shares of the Company were repurchased through the
facilities of the TSX and alternative Canadian trading systems at a
volume weighted average price of C$7.44 per Common Share under the
Company’s previous NCIB.
Centerra intends to establish an automatic share
purchase plan in connection with its renewed NCIB to facilitate the
purchase of Common Shares during times when Centerra would
ordinarily not be permitted to purchase Common Shares due to
regulatory restrictions or self-imposed black-out periods. Before
entering a black-out period, Centerra may, but is not required to,
instruct its designated broker to make purchases under the NCIB
based on parameters set by Centerra in accordance with the
automatic share purchase plan, applicable securities laws and stock
exchange rules.
Centerra believes that the Common Shares
continue to be trading in a price range which does not adequately
reflect the value of such shares in relation to Centerra’s assets
and its future prospects. As a result, Centerra believes that the
NCIB will provide the Company with a flexible tool to deploy a
portion of its cash balance pursuant to its capital allocation
framework to, depending upon future Common Share price movements
and other factors, purchase Common Shares for cancellation while
preserving its strong balance sheet position.
Cautionary Note Regarding Forward-Looking
Information
Information contained in this document which are
not statements of historical facts may be “forward looking
information” for the purposes of Canadian securities laws and
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking information
involves risks, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward looking
information. The words “expect”, “contemplate”, “may”, “will”,
“intend” and similar expressions identify forward-looking
information. In particular, such forward-looking statements
include, but are not limited to, statements relating to the TSX’s
approval of the NCIB, Centerra’s intention to renew the NCIB and
the timing, methods and quantity of any purchases of Common Shares
under the NCIB, the availability of cash for repurchases of Common
Shares under the NCIB, compliance with applicable laws and
regulations pertaining to the NCIB, Centerra’s perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances.
Forward-looking information is necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by Centerra, are inherently subject to significant
political, business, technical, economic and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking information. Factors and assumptions that could
cause actual results or events to differ materially from current
expectations include the risk factors set forth in the section
titled “Risk Factors” in the Company’s most recently filed Annual
Information Form, which is available on SEDAR at www.sedar.com and
EDGAR at www.sec.gov/edgar.There can be no assurances that
forward-looking information and statements will prove to be
accurate, as many factors and future events, both known and unknown
could cause actual results, performance or achievements to vary or
differ materially from the results, performance or achievements
that are or may be expressed or implied by the forward-looking
statements contained or referred to herein. Accordingly, all such
factors should be considered carefully when making decisions with
respect to Centerra, and prospective investors should not place
undue reliance on forward looking information. Forward-looking
information contained herein is given as of the date of this press
release. Centerra assumes no obligation to update or revise
forward-looking information to reflect changes in assumptions,
changes in circumstances or any other events affecting such
forward-looking information, except as required by applicable
law.
About Centerra Gold
Centerra Gold Inc. is a Canadian-based gold
mining company focused on operating, developing, exploring and
acquiring gold and copper properties in North America, Türkiye, and
other markets worldwide. Centerra operates two mines: the Mount
Milligan Mine in British Columbia, Canada, and the Öksüt Mine in
Türkiye. Centerra also owns the Goldfield District Project in
Nevada, United States, the Kemess Underground Project in British
Columbia, Canada, and owns and operates the Molybdenum Business
Unit in the United States and Canada. Centerra’s shares trade on
the TSX under the symbol CG and on the NYSE under the symbol CGAU.
Centerra is based in Toronto, Ontario, Canada.
For more information: Lisa
WilkinsonVice President, Investor Relations & Corporate
Communications(416) 204-3780lisa.wilkinson@centerragold.com
Shae Frosst Manager, Investor Relations (416)
204-2159 shae.frosst@centerragold.com
Additional information on Centerra is
available on the Company’s web site at
www.centerragold.com and at SEDAR
at www.sedar.com and EDGAR
at www.sec.gov/edgar.
Centerra Gold (TSX:CG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Centerra Gold (TSX:CG)
Historical Stock Chart
From Aug 2023 to Aug 2024