Cerrado Files Notice To Implement Normal Course Issuer Bid
Cerrado Gold has announced that the TSX Venture Exchange has accepted its notice to implement a normal course issuer bid (NCIB). The company can repurchase up to 5,170,903 common shares (5% of outstanding shares) for cancellation. The NCIB will run from November 15, 2024 to November 14, 2025, with a limitation of acquiring no more than 2,068,361 shares in any 30-day period. The Board believes the current market price doesn't reflect the company's true value and assets. Eight Capital will act as the broker for the NCIB, which will be executed through TSXV facilities at market prices.
Cerrado Gold ha annunciato che la TSX Venture Exchange ha accettato la sua notifica per implementare un acquisto normale di azioni (NCIB). L'azienda può riacquistare fino a 5.170.903 azioni ordinarie (5% delle azioni in circolazione) per la cancellazione. Il NCIB sarà valido dal 15 novembre 2024 al 14 novembre 2025, con una limitazione di acquisire non più di 2.068.361 azioni in un periodo di 30 giorni. Il Consiglio crede che il prezzo di mercato attuale non rifletta il vero valore e gli attivi dell'azienda. Eight Capital agirà come broker per il NCIB, che sarà eseguito tramite le strutture del TSXV a prezzi di mercato.
Cerrado Gold ha anunciado que la TSX Venture Exchange ha aceptado su aviso para implementar una oferta pública normal de acciones (NCIB). La empresa puede recomprar hasta 5.170.903 acciones comunes (5% de las acciones en circulación) para su cancelación. La NCIB se llevará a cabo desde el 15 de noviembre de 2024 hasta el 14 de noviembre de 2025, con una limitación de adquisición de no más de 2.068.361 acciones en un período de 30 días. La Junta cree que el precio de mercado actual no refleja el verdadero valor y los activos de la empresa. Eight Capital actuará como corredor para el NCIB, que se ejecutará a través de las instalaciones de TSXV a precios de mercado.
Cerrado Gold는 TSX 벤처 거래소가 정상 공매도 의사 표시(NCIB)를 구현하겠다는 고지를 수락했다고 발표했습니다. 회사는 5,170,903주 (모든 주식의 5%)를 재매입하여 취소할 수 있습니다. NCIB는 2024년 11월 15일부터 2025년 11월 14일까지 시행되며, 30일 기간 동안 2,068,361주를 초과하여 매입할 수 없습니다. 이사회는 현재의 시장 가격이 회사의 실제 가치와 자산을 반영하지 않는다고 믿고 있습니다. Eight Capital은 시장 가격으로 TSXV 시설을 통해 수행될 NCIB의 브로커 역할을 할 것입니다.
Cerrado Gold a annoncé que la TSX Venture Exchange a accepté son avis de mise en œuvre d'une offre publique normale d'achat (NCIB). La société peut racheter jusqu'à 5 170 903 actions ordinaires (5 % des actions en circulation) pour annulation. Le NCIB se déroulera du 15 novembre 2024 au 14 novembre 2025, avec une limitation d'acquisition de pas plus de 2 068 361 actions sur une période de 30 jours. Le Conseil croit que le prix actuel du marché ne reflète pas la véritable valeur et les actifs de l'entreprise. Eight Capital agira en tant que courtier pour le NCIB, qui sera exécuté via les installations du TSXV à des prix du marché.
Cerrado Gold hat angekündigt, dass die TSX Venture Exchange seine Mitteilung zur Durchführung eines normalen Aktienrückkaufs (NCIB) akzeptiert hat. Das Unternehmen kann bis zu 5.170.903 Stammaktien (5% der ausgegebenen Aktien) zum Zweck der Streichung zurückkaufen. Der NCIB wird vom 15. November 2024 bis zum 14. November 2025 laufen, wobei der Erwerb von nicht mehr als 2.068.361 Aktien innerhalb eines 30-Tage-Zeitraums limitiert ist. Der Vorstand glaubt, dass der aktuelle Aktienkurs nicht den wahren Wert und die Vermögenswerte des Unternehmens widerspiegelt. Eight Capital wird als Broker für den NCIB fungieren, der zu Marktpreisen über die TSXV-Einrichtungen ausgeführt wird.
- Company initiating share buyback program for up to 5% of outstanding shares
- Board's confidence in company's underlying value being higher than current market price
- First time implementing NCIB, showing new strategic approach to capital allocation
- Management's acknowledgment that shares are undervalued by the market
Management and Directors do not believe Common Shares reflect the value of the Company's assets and future prospects
TORONTO, ON / ACCESSWIRE / November 13, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces today that the TSX Venture Exchange ("TSXV") has accepted the Company's notice to implement a normal course issuer bid (the "NCIB") permitting the Company to repurchase, for cancellation, up to 5,170,903 common shares ("Common Shares") of the Company, representing
The NCIB will commence on November 15, 2024 and will terminate on the earlier of (i) the Company purchasing 5,170,903 Common Shares, (ii) the Company providing notice of termination of the NCIB, and (iii) November 14, 2025. Under the NCIB, the Company may not acquire more than
The Company's Board of Directors believe that the market price of the Common Shares does not reflect the underlying value of the Company's assets and future prospects, and that repurchasing Common Shares will enhance shareholder value.
The Company has entered into an engagement with Eight Capital to act as its broker for the NCIB. The NCIB will be made through the facilities of the TSXV and/or alternative trading systems and the purchase and payment for the Common Shares will be made in accordance with TSXV requirements at the market price of the Common Shares at the time of acquisition, plus brokerage fees, if any, charged by Eight Capital. All common shares purchased by the Company under the NCIB will be cancelled.
To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any Common Shares under the NCIB. The Company has not previously approved an NCIB.
A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark Brennan
CEO and Chairman
Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com
Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions including the underlying value of the Company's assets and its future prospects, shareholder value that may be created in pursuing the NCIB and the number of Common Shares, if any, that the Company will purchase under the NCIB. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
SOURCE: Cerrado Gold Inc.
View the original press release on accesswire.com
FAQ
How many shares can Cerrado Gold (CRDOF) repurchase under its 2024 NCIB program?
When does Cerrado Gold's (CRDOF) 2024 NCIB program start and end?
What is the maximum number of shares Cerrado Gold (CRDOF) can buy in a 30-day period under the NCIB?
Who is the broker for Cerrado Gold's (CRDOF) 2024 NCIB program?
