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Centerra Gold Announces TSX Acceptance of Normal Course Issuer Bid
TORONTO, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the “Company”) is pleased to announce that the Toronto Stock
About this update from Centerra Gold Inc.
[{"type":"text","content":" TORONTO, Oct. 11, 2022 (GLOBE NEWSWIRE) -- 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 Refo...