Centerra Gold Announces TSX Acceptance of Normal Course Issuer Bid
October 11 2022 - 5:00AM
Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the
“Company”) is pleased to announce that the Toronto Stock Exchange
(“TSX”) has accepted its notice of intention to proceed with a
normal course issuer bid (“NCIB”).
Under the NCIB, Centerra may purchase for
cancellation up to an aggregate of 15,610,813 common shares in the
capital of the Company (“Common Shares”) during the twelve-month
period commencing on October 13, 2022 and ending on October 12,
2023, representing 10% of the public float. As of September 30,
2022, Centerra had 220,086,775 issued and outstanding Common
Shares.
Daily purchases will be limited to 226,201
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. As previously
announced, the Company may rely on an automatic purchase plan
during the NCIB to allow for purchases by the Company of Common
Shares during certain predetermined blackout periods, subject to
the rules of the TSX. Any tendered Common Shares taken up and paid
for Centerra under the NCIB will be cancelled.
As previously disclosed, Centerra believes that
the Common Shares have been 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 to, depending upon
future price movements and other factors, repurchase 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: the timing, methods and quantity
of any purchases of Common Shares under the NCIB.
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.
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.
For more information: Toby Caron
Treasurer and Director, Investor Relations (416) 204-1694
toby.caron@centerragold.com
Shae Frosst Manager, Investor Relations (416)
204-2159 shae.frosst@centerragold.com
A PDF accompanying this announcement is
available
at http://ml.globenewswire.com/Resource/Download/271426db-5394-4dc9-bc16-02313943b5e7
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