Victoria Gold Announces Normal Course Issuer Bid

WHITEHORSE, Yukon Territory, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) announces today its intention to complete a normal course issuer bid. The Company has received approval from the Toronto Stock Exchange (the “TSX”) to purchase for cancellation, from time to time over a 12-month period, common shares of the Company (the “Common Shares”) listed on the TSX in an aggregate amount of up to 3,326,717 Common Shares, representing 5% of Victoria’s issued and outstanding shares (the “NCIB Program”).

Purchases for cancellation under the NCIB Program may commence on February 27, 2024 and will terminate on February 26, 2025 or on such earlier date as the NCIB Program is complete. Purchases of Common Shares under the NCIB Program will be made through the facilities of the TSX and other alternative Canadian trading systems, in accordance with the rules of the TSX. On the date of approval, the average daily trading volume of the Common Shares for the previous six calendar months (“ADTV”) was 216,212 Common Shares. Subject to the TSX’s block purchase exception, on any trading day, purchases under the NCIB Program will not exceed 54,053 Common Shares (25% of the ADTV). The price that the Company will pay for any Common Shares purchased under the NCIB Program will be the prevailing market price at the time of purchase. Any Common Shares purchased by the Company will be cancelled.

As of February 13, 2024, there were 66,534,350 Common Shares issued and outstanding. The 3,326,717 Common Shares that may be repurchased under the NCIB Program represents 5% of the Common Shares issued and outstanding. The actual number of Common Shares repurchased under the NCIB Program and the timing of such repurchases will be at Victoria’s discretion and shall be subject to the limitations set out in the TSX Company Manual.

The board of directors of Victoria believes that the underlying value of the Company may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Company of, and be advantageous to, all remaining shareholders of the Company. The Company will evaluate options for the use of proceeds of free cash flow generated by the Eagle Gold Mine, including both the use of the NCIB Program and discretionary debt repayment.