Business
Amerigo Announces Completion of Normal Course Issuer Bid Over 6% of outstanding shares repurchased over 7 months
(NewsDirect) 10.75 million shares retired at an average cost per share of Cdn$1.62 ...
About this update from Amerigo Resources Ltd
[{"type":"text","content":"Amerigo Announces Completion of Normal Course Issuer Bid\nOver 6% of outstanding shares repurchased over 7 months\n \n \n (NewsDirect)\n \n \n \n 10.75 million\nshares retired at an average cost per share of Cdn$1.62\n \n \n \n \n Announcement confirms\nAmerigo’s strong commitment of capital returns to\nshareholders\n \n \n \n \n Amerigo Resources Ltd. (TSX: ARG; ARREF: OTC)\n \n (“Amerigo” or the “Company”) is pleased to announce the\ncompletion of the last purchases of its common shares under a normal\ncourse issuer bid (“NCIB”) pursuant to which Amerigo purchased for\ncancellation an aggregate of 10.75 million of its common shares at an\naverage cost of Cdn$1.62.\n \n \n “We are very pleased to report the completion of\nthis share repurchase program well ahead of the December 1, 2022\ntermination date. The completion of this NCIB will cancel 6.14% of\nAmerigo’s outstanding shares and enhances the impact of our return\nof capital strategy for remaining shareholders”, said Aurora\nDavidson, President and CEO.\n \n \n “The NCIB is only one of the tools at our\ndisposal to return capital to shareholders, and its effectiveness was\nevident during recent market volatility. At an average cost of\nCdn$1.62 per share, the annualized yield on these equity purchases was\n7.4% before consideration of the potential return from\nperformance/top-up dividends. We believe this first NCIB has been a\nprudent use of capital for the benefit of Amerigo’s shareholders”,\nadded Ms. Davidson.\n \n \n Under the NCIB, Amerigo was entitled to purchase up to 10.75\nmillion common shares (representing 6.14% of the common shares\noutstanding at the start of the NCIB) over a period of twelve months\ncommencing on December 2, 2021 and ending no later than December 1,\n2022.\n \n \n Funds in\nthe aggregate amount of US$13.7 million were used by Amerigo in the\nNCIB.\n \n \n Given that\nAmerigo has already purchased the maximum number of securities\npermitted by the Toronto Stock Exchange (“TSX”) under a NCIB in a\n12-month period, it would only be able to commence another NCIB after\nDecember 2, 2022.\n \n \n The common shares were purchased in open market transactions on\nthe TSX at the prevailing market price at the time of such\ntransactions. Pursuant ...