Business
Lundin Mining Announces TSX Approval for Normal Course Issuer Bid
VANCOUVER, BC, Dec. 6, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that the
About this update from Lundin Mining Corporation
[{"type":"text","content":" VANCOUVER, BC, Dec. 6, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (\"Lundin Mining\" or the \"Company\") announces that the Toronto Stock Exchange (the \"TSX\") has accepted the notice of Lundin Mining's intention to renew its normal course issuer bid (the \"NCIB\"). The Company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares of the Company (the \"Common Shares\"). This approval allows the Company to purchase up to 52,538,870 Common Shares, representing 10% of the 773,494,324 issued and outstanding Common Shares as of November 30, 2023, minus those Common Shares beneficially owned, or over which control or direction is exercised by the Company, the senior officers and directors of the Company and every shareholder who owns or exercises control or direction over more than 10% of the outstanding Common Shares, over a period of twelve months commencing on December 11, 2023. The NCIB will expire no later than December 10, 2024. All purchases made pursuant to the NCIB will be made on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 564,097 Common Shares, which represents 25% of the average daily trading volume of 2,256,389 Common Shares on the TSX for the six months ended November 30, 2023. The price that Lundin Mining will pay for Common Shares in open market transactions will be the market price at the time of purchase. In connection with the NCIB renewal, Lundin Mining entered into an automatic share purchase plan (\"ASPP\") with its 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, insider trading rules or otherwise (any such period being a \"Blackout Period\"). Before entering a Blackout Period, the Company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the pla...