Centerra Gold Announces TSX Acceptance of Renewed Normal Course Issuer Bid

TORONTO, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) (“Centerra” or the “Company”) is pleased to announce that the Toronto Stock Exchange (“TSX”) has accepted its renewal of a normal course issuer bid (“NCIB”) to purchase for cancellation up to an aggregate of 18,293,896 common shares in the capital of the Company (“Common Shares”) during the twelve-month period commencing on November 7, 2023 and ending on November 6, 2024, representing approximately 8.48% of Centerra’s total issued and outstanding Common Shares, or 10% of the public float. As of October 31, 2023, Centerra had 215,807,212 issued and outstanding Common Shares.

Under the NCIB, daily purchases would be limited to 191,219 Common Shares, other than purchases made under block purchase exemptions. Once the NCIB is commenced, the exact timing and amount of any purchases will depend on market conditions and other factors. Centerra will not be obligated to acquire any Common Shares and may suspend or discontinue purchases under the NCIB at any time. Any purchases made under the NCIB will be made at market price at the time of purchase through the facilities of the TSX and/or alternative Canadian trading systems in accordance with applicable securities laws and stock exchange rules. The Company’s previous NCIB, in respect of which the Company sought and received approval from the TSX, authorized the purchase of up to 15,610,813 Common Shares and expired on October 12, 2023. A total of 5,298,200 Common Shares of the Company were repurchased through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of C$7.44 per Common Share under the Company’s previous NCIB.

Centerra intends to establish an automatic share purchase plan in connection with its renewed NCIB to facilitate the purchase of Common Shares during times when Centerra would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, Centerra may, but is not required to, instruct its designated broker to make purchases under the NCIB based on parameters set by Centerra in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules.