Dynacor Receives TSX Approval to Renew Normal Course Issuer Bid
DYNACOR RECEIVES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID
Montreal, May 3, 20 22 – Dynacor Gold Mines 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 3,082,382 common shares or approximately
10% of the public float (30,823,829 common shares as of April 20, 2022).
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 5, 2022 and ending May 4, 2023, 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 6,085 common shares, which is equal to 25%
of the average daily trading volume on the TSX for the six-month period ending March 31, 2022
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 24,343 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 condit ions 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 3, 2021, and terminates on
May 2, 2022, Dynacor could repurchase up to 3,111,165 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 576,501 with a weighted average price
of $3.08 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 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: 38,643,747
Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold
CONTACT: For more information, please contact:
Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Gold Mines Inc.
T: 514-393-9000 #230