Eldorado Gold Corporation (“Eldorado”, “the Company” or “We”) today
announced that the Toronto Stock Exchange (the “TSX”) has accepted
for filing the Company’s Notice in respect of a normal course
issuer bid (the “NCIB”) to be transacted through the facilities of
the TSX and also through alternate Canadian trading systems.
Pursuant to the NCIB, Eldorado may purchase up to 1,450,000 of
its common shares (the “Shares”) representing approximately 0.9% of
the total 158,805,581 Shares of the Company that are issued and
outstanding as at the date hereof. Purchases will be made at
prevailing market prices commencing July 11, 2019 and ending July
10, 2020. Pursuant to TSX policies, daily purchases of Shares made
through the facilities of the TSX will not exceed 254,935 Shares
representing 25% of the average daily trading volume of 1,019,741
Shares subject to certain prescribed exemptions.
Eldorado purchased 1,742,130 Shares at a weighted average price
of $1.57220 through the facilities of the TSX and alternate
exchanges under its prior NCIB covering the period starting June
12, 2018 and ending June 11, 2019. The TSX had approved the
purchase of up to 1,742,130 Shares (on a pre-consolidation basis)
under the Company’s prior NCIB.
In 2011, the Company established a Restricted Share Unit Plan
(“RSU Plan”) for the benefit of designated participants. Designated
participants are employees or officers of the Company or a related
entity of the Company as the Board may designate from time to time
as eligible to participate in the RSU Plan. Under the RSU Plan,
vested RSUs are redeemable for Shares, a cash payment equivalent to
the value of a Share or a combination of cash or Shares. The RSU
Plan provides that Shares available to satisfy such redemption will
be acquired on the market. The NCIB is being conducted to acquire
the Shares for the purposes of the RSU Plan.
Eldorado has appointed Computershare Trust Company of Canada as
the trustee (the “Trustee”) for the purposes of arranging for the
acquisition of the Shares and to hold the shares in trust for the
purposes of the RSU Plan as well as deal with other administration
matters. Through the trustee, GMP Securities L.P. (the “Broker”)
has been engaged to undertake purchases under the NCIB for the
purposes of the RSU Plan. The Broker will be required to comply
with the TSX NCIB rules in respect of the purchases of Shares
through the facilities of the TSX or alternative Canadian trading
systems as the Trustee is considered to be a non-independent
trustee by the TSX for the purposes of the NCIB rules.
The Shares acquired will be held by the Trustee until the same
are required to be transferred to designated participants under the
terms of the RSU Plan to satisfy the Company’s obligations in
respect of redemptions of vested RSUs held by such designated
participants.
A copy of the Company’s Notice filed with the TSX may be
obtained, by any shareholder without charge, by contacting
Eldorado’s Corporate Secretary.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining,
development and exploration operations in Turkey, Canada, Greece,
Romania, Serbia, and Brazil. The Company has a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio
of high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contacts
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 louiseb@eldoradogold.com
Forward-Looking Statements and Information
Certain of the statements made herein may contain
forward-looking statements or information within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. Often, but not always,
forward-looking statements and forward-looking information can be
identified by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, or “believes” or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved. Forward-looking statements
or information herein include, but are not limited, to statements
or information with respect to the Company’s renewal of its Normal
Course Issuer Bid (“NCIB”).
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions about
the forward-looking statements and information, including the
ability to acquire Shares in the market through the NCIB and in
compliance with regulatory requirements. Although our management
believes that the assumptions made and the expectations represented
by such statements or information are reasonable, there can be no
assurance that the forward-looking statements or information will
prove to be accurate. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the following: the ability to acquire shares through the NCIB;
share price volatility; as well as those factors discussed in the
sections entitled “Forward-looking information and risks” and "Risk
factors in our business" in the Company's Annual Information Form
& Form 40-F dated March 29, 2019.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except
as required by law, we do not expect to update forward-looking
statements and information continually as conditions change and you
are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities
regulatory authorities in Canada and the U.S.
All forward looking statements and information contained in this
News Release are qualified by this cautionary statement.
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