Dundee Corporation Announces the Redemption of its Series 2 and Series 3 Preference Shares
August 14 2024 - 7:30AM
Dundee Corporation (TSX: DC.A, DC.PR.B and
DC.PR.D) (“Dundee” or the “Company”) announces that it intends to
exercise its right to redeem all currently outstanding cumulative
5-year rate reset first preference shares, series 2 (the “Series 2
Shares”) and cumulative floating rate first preference shares,
series 3 (the “Series 3 Shares”) on September 30, 2024 at a price
of $25.00 per share, together with any accrued and unpaid
dividends. The Company currently has outstanding 1,145,362 Series 2
Shares and 724,982 Series 3 Shares.
Jonathan Goodman, President and Chief Executive
Officer of Dundee, commented:
“As we continue to strengthen our financial
position, I am pleased to announce the retirement of all
outstanding preferred shares. This strategic move underscores our
commitment to simplifying our capital structure, enhancing
shareholder value, and positioning the Company for long-term
growth. We appreciate the support of all classes of shareholders
and remain focused on delivering consistent returns for all our
stakeholders. As an investor in development stage mining
businesses, it is prudent for us at this time to significantly
reduce our burn rate and cost of capital as we move our portfolio
forward and look to bring cash flow into the
Company.”
ABOUT DUNDEE CORPORATIONDundee
Corporation is a public Canadian independent holding company,
listed on the Toronto Stock Exchange under the symbol “DC.A”.
Through its operating subsidiaries, Dundee Corporation is an active
investor focused on delivering long-term, sustainable value as
a trusted partner in the mining sector with more than 30 years of
experience making accretive mining investments.
FORWARD LOOKING STATEMENTSThis
press release contains forward-looking information with respect to
future events. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
which could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
information. The reader is referred to the documents which the
company files from time to time with applicable securities and
regulatory authorities.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Investor and Media RelationsT: (416) 864-3584E:
ir@dundeecorporation.com