Commencement of Normal Course Issuer Bid
October 26 2021 - 7:31AM
Patagonia Gold Corp. (“
Patagonia” or the
“
Company”) (TSXV: PGDC) announces that it has
received approval from the TSX Venture Exchange
(“
TSXV”) of its Notice of Intention to Make a
Normal Course Issuer Bid (the “
NCIB”). Under the
NCIB, the Company may purchase for cancellation up to 10,000,000
common shares (the “
Shares”) (representing
approximately 2.14% of its 467,116,441 issued and outstanding
common shares as of September 30, 2021) over a twelve-month period
commencing on October 27, 2021. The NCIB will expire no later than
October 26, 2022.
Patagonia believes that from time to time, the
market price of its common shares may not reflect their underlying
value and that the purchase of its common shares may represent an
appropriate and desirable use of corporate funds. The Company
intends to fund the purchases out of available cash.
All purchases made pursuant to the NCIB will be
made through the facilities of the TSXV. The NCIB will be made in
accordance with the applicable rules and policies of the TSXV and
applicable Canadian securities laws. Under the NCIB, Shares may be
repurchased in open market transactions on the TSXV, in privately
negotiated transactions or by such other means as may be permitted
by the TSXV and applicable Canadian securities laws. The price that
Patagonia will pay for Shares in open market transactions will be
the market price at the time of purchase. Any Shares that are
purchased under the NCIB will be cancelled. The actual number of
Shares that may be purchased and the timing of such purchases will
be determined by the Company. Decisions regarding purchases will be
based on market conditions, share price, best use of available
cash, and other factors.
Patagonia has appointed Canaccord Genuity Corp.
to make purchases under the NCIB on its own behalf.
About Patagonia Gold
Patagonia Gold Corp. is a South America focused,
publicly traded mining company listed on the TSXV. The Company
seeks to grow shareholder value through exploration and development
of gold and silver projects in the Patagonia region of Argentina.
The Company is primarily focused on the Calcatreu project in Rio
Negro and the development of the Cap-Oeste underground project.
Patagonia, indirectly through its subsidiaries or under option
agreements, has mineral rights to over 420 properties in several
provinces of Argentina and Chile and is one of the largest
landholders in the province of Santa Cruz, Argentina.
For more information, please
contact:
Dean StuartT: 403 617 7609E:
dean@boardmarker.net
Christopher van Tienhoven, Chief Executive
OfficerPatagonia Gold CorpT: +54 11 5278 6950E:
cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements, including, but not limited to,
statements about the Company’s focus on growing shareholder value
and the development of the Cap Oeste underground project,
advancement of the Calcatreu project, the commencement of the
proposed NCIB, the acquisition of Shares pursuant to the NCIB and
the Company’s future plans and intentions. Wherever possible, words
such as “may”, “will”, “should”, “could”, “expect”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “predict” or
“potential” or the negative or other variations of these words, or
similar words or phrases, have been used to identify these
forward-looking statements. These statements reflect management’s
current beliefs and are based on information currently available to
management as at the date hereof.
Forward-looking statements involve significant
risk, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to differ materially
from the results discussed or implied in the forward-looking
statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
this news release are based upon what management believes to be
reasonable assumptions, the Company cannot assure readers that
actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this news release, and the Company assumes no obligation to
update or revise them to reflect new events or circumstances,
except as required by law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
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