Business
Amerigo Announces Renewal of Normal Course Issuer Bid
(NewsDirect) Up to 11.08 million shares (6.67% of current outstanding) may be retired over ...
About this update from Amerigo Resources Ltd
[{"type":"text","content":"Amerigo Announces Renewal of Normal Course Issuer Bid\n \n \n (NewsDirect)\n \n \n \n Up to 11.08\nmillion shares (6.67% of current outstanding) may be retired over a\none-year period\n \n \n \n \n Announcement confirms Amerigo’s commitment of capital\nreturns to shareholders\n \n \n \n \n Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF)\n \n (“Amerigo” or the “Company”) is pleased to announce that\nthe Toronto Stock Exchange (the “TSX”) has accepted Amerigo’s\napplication to implement a new normal course issuer bid (the\n“NCIB”).\n \n \n Under the NCIB Amerigo may purchase up to 11,080,000 common\nshares (representing 6.67% of its 166,032,658 common shares\noutstanding as at November 18, 2022) over a period of twelve months\ncommencing on December 2, 2022. The NCIB will terminate no later than\nDecember 1, 2023.\n \n \n “We are pleased to renew Amerigo’s ability to buy back\nshares for cancellation, which is one of our tools to return capital\nto shareholders,” said Aurora Davidson, Amerigo’s President and\nCEO. “Amerigo’s last NCIB was fully completed in June 2022 and\n10.75 million shares were retired at an average price of Cdn$1.62 per\ncommon share, in addition to 7.12 million shares retired under a\nSubstantial Issuer Bid completed in November 2021. Under the right\nmarket conditions, up to 11.08 million shares of the Company could\nalso be retired in the next year,” added Ms. Davidson. “This would\nrepresent a cumulative reduction of 28.95 million shares (17.43% of\ncurrent outstanding) over a two-year period. These share buyback\nprograms, in combination with our quarterly dividend yielding\n9.6%\n \n 1\n \n , confirms Amerigo’s shareholder capital return\ncommitment.”\n \n \n In\nline with Amerigo’s longer-term strategy and commitment to creating\nvalue, Amerigo believes that the purchase of common shares pursuant to\nthe NCIB represents an attractive investment opportunity for Amerigo\nand an appropriate and desirable use of available funds, as well being\naccretive to the value of Amerigo’s common shares.\n \n \n Under the NCIB, common\nshares may be purchased in open market transactions on the TSX at the\nprevailing market price at the time of such transaction.\n \n ...