DYNACOR RECEIVES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID approximately 10% of the public float (29,286,075 common shares as of
DYNACOR RECEIVES TSX APPROVAL TO RENEW
NORMAL COURSE ISSUER BID
approximately 10% of the public float (29,286,075 common shares as of April 22, 2024).
Dynacor is in a financially strong position to continue to return a portion of its cash to its
shareholders through the NCIB. Additionally, it is reviewing other value-added opportunities
which could further contribute to enhancing shareholder value.
The Corporation may purchase shares under the NCIB over a period of twelve months
commencing on May 6, 2024 and ending May 5, 2025, when the bid expires. NCIB purchases
are through the facilities of the TSX and certain Alternative Trading Systems (such as Nasdaq
CXC and CX2, TSX Alpha Exchange and Omega ATS), and the price for any repurchased
shares will be the prevailing market price at the time of the acquisition. The purchase of
securities may also be made outside the facilities of the TSX by private agreements pursuant
to exemption orders to be obtained from the appropriate securities regulator.
All common shares purchased by the Corporation will be cancelled. The number of shares
repurchased on any given day may not exceed 9,362 common shares, which is equal to 25%
of the average daily trading volume on the TSX for the six-month period ending March 31,
2024 except where purchases are made in accordance with the “block purchase exception” of
the TSX rules. The average daily volume for this period was calculated in accordance with
the rules of the TSX and is equal to 37,451 common shares.
The NCIB represents a proper utilization of Dynacor’s available funds as part of the
Corporation’s capital management strategy and is being established to enhance shareholder
value.
The extent to which Dynacor repurchases its shares and the timing of such repurchases will
depend upon market conditions and other corporate considerations, as determined by
Dynacor's management team. The Corporation will use funds from its existing cash balances
to purchase the shares.
Under the previously approved NCIB, which commenced on May 5, 2023, and terminates on
May 4, 2024, Dynacor could repurchase up to 3,490,716 common shares. As of the date
herof, the number of common shares repurchased under the previous program through the
facilities of the TSX and certain Alternative Trading Systems is 2,025,117 with a weighted
average price of $ 3.72738 per common share.
ABOUT DYNACOR
Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal,
Canada. The corporation is engaged in gold production through the processing of ore
Montreal, May 2, 2024 – Group Dynacor Inc. (TSX: DNG) (“Dynacor” or the
“Corporation”) is pleased to announce that the Toronto Stock Exchange (TSX) has
approved the Corporation's request to renew a normal course issuer bid (NCIB) program,
through which Dynacor may purchase, for cancellation, up to 2,928,607 common shares or
purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor
operates in Peru, where its management and processing teams have decades of experience
working with ASM miners. It also owns a gold exploration property (Tumipampa) in the
Apurimac department.
The corporation intends to expand its processing operations in other jurisdictions as well.
Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold
program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and
investment sectors pay a small premium to our customer and strategic partner for this PX
IMPACT® gold. The premium provides direct investment to develop health and education
projects for our artisanal and small-scale miner’s communities.
Dynacor is listed on the Toronto Stock Exchange (DNG).
FORWARD-LOOKING INFORMATION
Certain statements in the preceding may constitute forward-looking statements, which involve
known and unknown risks, uncertainties and other factors that may cause the actual results,
performance or achievements of Dynacor, or industry results, to be materially different from
any future result, performance or achievement expressed or implied by such forward-looking
statements. These statements reflect management’s current expectations regarding future
events and operating performance as of the date of this news release.
Shares Outstanding: 36,548,356
Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold
CONTACTS: For more information, please contact:
Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Gold Mines Inc.
T: 514-393-9000 #230