Dundee Precious Metals Announces Renewal of Normal Course Issuer Bid
TORONTO, Feb. 21, 2020 (GLOBE NEWSWIRE) -- Dundee Precious Metals Inc. (TSX: DPM) (the “Company”) announced today that the Toronto Stock Exchange
(“TSX”) accepted its notice of intention to renew its normal course issuer bid (the “New Bid”) to repurchase certain of its common shares
(“Shares”) through the facilities of the TSX. The Company commenced a normal course issuer bid (the “Previous Bid”) on May 16, 2018, which expired
on May 15, 2019. Under the Previous Bid, the Company sought and obtained approval to purchase up to 8.9 million Shares.
The number of Shares that can be purchased during the period of the New Bid, which commences on February 28, 2020 and terminates on February 27, 2021, will not exceed 9 million Shares, being approximately 5% of the 180,580,452 outstanding Shares as of February 18, 2020. All purchases made pursuant to the New Bid will be made through the facilities of the TSX or other alternative trading systems in accordance with applicable Canadian securities laws and Shares repurchased pursuant to the New Bid will be cancelled. Pursuant to the terms of the New Bid, the Company will not acquire on any given trading day more than 134,336 Shares, representing 25% of the average daily trading volume of Shares for the most recently completed six month period, being 537,347 Shares, other than block purchase exceptions.
The Company has re-appointed RBC Capital Markets to make any purchases under the New Bid on its behalf. Under the Previous Bid, the Company sought and obtained approval to purchase up to 8.9 million Shares but did not purchase any Shares under the Previous Bid as it continued to fund the development of its Ada Tepe mine in Bulgaria. The actual timing and number of Shares that may be purchased pursuant to the New Bid will be subject to a number of considerations, including, among other things, the Company’s Share price, financial position, and its assessment of alternative uses of capital in accordance with a disciplined capital allocation framework.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The Company's operating assets include the Chelopech operation, which produces a gold-copper concentrate containing gold, copper and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; the Ada Tepe operations, which produces a gold concentrate containing gold and silver, located in southern Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold and exploration properties located in Canada, Serbia and Ecuador, including its 10.4% interest in Sabina Gold & Silver Corp. and its 19.5% interest in INV Metals Inc.