Eldorado Gold Announces Normal Course Issuer Bid

VANCOUVER, British Columbia, June 28, 2023 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted for filing Eldorado’s Notice in respect of a normal course issuer bid (the “NCIB”). Purchases will be made on the open market through the facilities of TSX, NYSE, other designated exchanges and/or alternative Canadian trading systems.

Pursuant to the NCIB, Eldorado may purchase up to 500,000 of its common shares (the “Shares”) representing approximately 0.246503% of the total 202,837,315 common shares of the Eldorado issued and outstanding as at June 20, 2023. Purchases will be made at prevailing market prices commencing July 4, 2023 (other than for purchases through the NYSE, which will commence August 3, 2023) and ending July 3, 2024. Pursuant to TSX policies, daily purchases will not exceed 125,525 common shares, other than block purchase exceptions. The average daily trading volume for the six month period from December 1, 2022 to May 31, 2023 was 502,100 common shares. Purchases under the NCIB by Eldorado will be the market price at the time of acquisition. Purchases will also be made on the NYSE in accordance with applicable U.S. securities laws.

Eldorado has engaged National Bank Financial Inc. (the “Broker”) as its broker under an automatic share purchase plan to undertake purchases under the NCIB. During the term of the automatic share purchase plan, Eldorado will not communicate any material undisclosed information to the trading staff at the Broker, and accordingly the Broker may make purchases regardless of whether a blackout period is in effect or whether there is material undisclosed information about Eldorado at the time purchases are made.

Eldorado believes that the purchase of the Shares would be an effective use of its funds and is an effective strategy to enable it to satisfy its future obligations under its employee restricted share unit plan.

Under the previous normal course issuer bid that commenced on December 30, 2021 and terminated on December 29, 2022 under which the Company sought and received approval from the TSX to purchase up to 1,421,373 common shares, 1,421,373 common shares were purchased on the open market through the facilities of TSX, NYSE, other designated exchanges and/or alternative Canadian trading systems at a volume weighted average purchase price of C$12.45 per common share.