VANCOUVER, BC, July 22,
2024 /CNW/ - OceanaGold Corporation (TSX: OGC)
(OTCQX: OCANF) ("OceanaGold" or the "Company") announces that
it has received approval from the Toronto Stock Exchange ("TSX") to
buy back up to 35.5 million common shares ("Common Shares"),
representing approximately 5% of OceanaGold's outstanding Common
Shares and approximately 5% of the current public float of Common
Shares, pursuant to a Normal Course Issuer Bid ("NCIB") in the open
market through the facilities of the TSX or alternative Canadian
trading systems over the next 12 months. As of July 18, 2024, there were a total of 711,239,778
Common Shares issued and outstanding.
In connection with the NCIB, the Company has entered into an
Automatic Share Purchase Plan ("ASPP") with a designated broker to
allow for the repurchase of Common Shares at times when the Company
ordinarily would not be active in the market due to its own
internal trading blackout periods.
Gerard Bond, President and Chief
Executive Officer of OceanaGold, said "With the balance sheet
further strengthened following the recent completion of the Didipio
IPO and Blackwater sale, the initiation of a share buyback program
is consistent with our capital allocation framework. With the Free
Cash Flow we expect to deliver in the coming years and today's
strong metal prices, the Company is well positioned to continue
funding our attractive organic growth projects, maintain a strong
balance sheet and the current dividend, and increase returns to
shareholders via a buyback."
The Company has received approval from the TSX, during the
12-month period commencing on July 24, 2024 and
ending on or before July 23, 2025, to purchase
Common Shares through the facilities of the TSX and alternative
Canadian trading systems. Under the terms of the NCIB, the Company
may purchase up to a daily maximum of 361,487 Common Shares (being
25% of the average daily trading volume of 1,445,951 Common Shares
for the six-month period ended June 30,
2024).
The ASPP will terminate on the earliest of the date on which:
(i) the purchase limit under the NCIB has been
reached; (ii) the NCIB expires; and (iii) the
ASPP otherwise terminates in accordance with its terms. The ASPP
constitutes an "automatic plan" for purposes of applicable Canadian
securities legislation and the agreement governing the plan has
been pre-cleared by the TSX.
The actual number of Common Shares that may be purchased and the
timing of such purchases will be determined by the Company in
accordance with applicable laws and the ASPP. Decisions regarding
purchases will be based on market conditions, share price, best use
of available cash, and other factors. Any Common Shares that are
purchased under the NCIB will be cancelled.
About OceanaGold
OceanaGold is a growing intermediate gold and copper producer
committed to safely and responsibly maximizing the generation of
Free Cash Flow from our operations and delivering strong returns
for our shareholders. We have a portfolio of four operating mines:
the Haile Gold Mine in the United
States of America; Didipio Mine in the Philippines; and the Macraes and Waihi
operations in New Zealand.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this news release may be deemed
"forward-looking" within the meaning of applicable securities laws.
All statements other than statements of historical facts included
in this news release constitute forward-looking statements,
including but not limited to the future price of gold, information
relating to future performance and reflect the Company's
expectations regarding the generation of free cash flow, execution
of business strategy, future growth, future production, estimated
costs, results of operations, business prospects and opportunities
of OceanaGold and its related subsidiaries. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be
forward-looking statements. Forward-looking statements are subject
to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those expressed in the
forward-looking statements and information. They include, among
others, the accuracy of Mineral Reserve and Mineral Resource
estimates and related assumptions, inherent operating risks and
those risk factors identified in the Company's most recent Annual
Information Form prepared and filed with securities regulators,
which is available on SEDAR+ at www.sedarplus.com under the
Company's name. There are no assurances the Company can fulfil
forward-looking statements and information. Such forward-looking
statements and information are only predictions based on current
information available to management as of the date that such
predictions are made; actual events or results may differ
materially as a result of risks facing the Company, some of which
are beyond the Company's control. Although the Company believes
that any forward-looking statements and information contained in
this news release is based on reasonable assumptions, readers
cannot be assured that actual outcomes or results will be
consistent with such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and
information.
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements and information,
whether as a result of new information, events or otherwise, except
as required by applicable securities laws. The information
contained in this release is not investment or financial product
advice.
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SOURCE OceanaGold Corporation