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SSR Mining Announces New Normal Course Issuer Bid
DENVER--(BUSINESS WIRE)-- SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) ("SSR Mining" or the “Company") is pleased to announce that it has filed with and
About this update from Ssr Mining Inc.
[{"type":"text","content":" DENVER--(BUSINESS WIRE)--\nSSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) (\"SSR Mining\" or the “Company\") is pleased to announce that it has filed with and received acceptance from the Toronto Stock Exchange (“TSX”) for a Notice of Intention to make a Normal Course Issuer Bid (“NCIB”) under the requirements of the TSX permitting SSR Mining to purchase for cancellation up to 10,200,000 common shares of the Company (“Common Shares”), representing approximately 5.0% of SSR Mining’s total issued and outstanding Common Shares. As of June 6, 2023 SSR Mining had 204,094,970 issued and outstanding Common Shares.\n\n\nRod Antal, Executive Chairman of SSR Mining, said, \"SSR Mining is proud to continue its robust capital returns program with a new Normal Course Issuer Bid. Since 2021, the Company has returned more than $409 million to shareholders, including approximately $293 million through the repurchase of 17,836,019 shares that has reduced our shares outstanding by 8%. The combination of our base dividend and share repurchases delivered a peer-leading 5% capital returns yield to shareholders in both 2021 and 2022, and we have continued with additional share repurchases and quarterly dividends in 2023. Year to date in 2023, we have repurchased 2,982,193 shares, or more than $44 million, under the previous Normal Course Issuer Bid, and combined with our base dividend, expect to return a minimum of $102 million or a 3.5% capital return yield to shareholders this year. Capital returns are one of the key pillars of our capital allocation strategy, and this announcement reinforces our continued commitment to return cash to our shareholders.”\n\n\nSSR Mining believes that the market price of its Common Shares does not always reflect its underlying fundamental value and future growth prospects. SSR Mining’s purchase of its Common Shares under the NCIB will supplement the existing base dividend and is part of its capital allocation framework for returning excess cash to shareholders. Under SSR Mining’s previous Normal Course Issuer Bid, which commenced on June 20, 2022 and terminates on June 19, 2023, the Company was authorized to purchase up to 10,600,000 Common Shares. SSR Mining purchased and cancelled 9,035,319 Common Shares via open market purchases through the facilities of the TSX and the Nasdaq at a volume weighted average price pai...