Asanko Gold Receives TSX Approval for Normal Course Issuer Bid
Asanko Gold Receives TSX Approval for Normal Course
Issuer Bid
VANCOUVER
,
Nov. 12, 2019
/CNW/ -
Asanko Gold Inc. ("Asanko" or the "Company") (TSX, NYSE American:
AKG)
announced today that the Company has received approval from the Toronto Stock Exchange (the "TSX") to
commence a normal course issuer bid (the "NCIB") on
November 15, 2019
to purchase up to 11,310,386 common shares,
representing 5% of Asanko's issued and outstanding common shares (226,207,730 common shares) on the date hereof.
Purchases pursuant to the NCIB will be made on the open market through the facilities of the TSX and the NYSE American
Stock Exchange ("NYSE American") and other alternative trading systems in
Canada
and
the United States
.
All common shares purchased by Asanko under the NCIB will be purchased at the market price at the time of acquisition in
accordance with the rules and policies of the TSX and NYSE American and applicable securities laws. All common shares
acquired by Asanko under the NCIB will be cancelled and purchases will be funded out of Asanko's working capital.
Although Asanko has a present intention to acquire its common shares pursuant to the NCIB, Asanko will not be obligated
to make any purchases and purchases may be suspended by the Company at any time.
In accordance with the rules of the TSX, the maximum daily purchases on the TSX under the NCIB will be 33,499 common
shares, which is 25% of the average daily trading volume for the Company's common shares on the TSX for the six months
ended October 31, 2019. In addition, maximum daily purchases under the NCIB on the NYSE American will be subect to
Rule
10b
-18 which specifies that daily purchases may not exceed 25% of average daily trading volume for the four weeks
preceding such trading date. These maximum daily limits will apply to purchases on the respective markets, except where
such purchases are made in accordance with "block purchases" exemptions under applicable TSX and NYSE American
policies.
Asanko is commencing the NCIB because, in the opinion of its board of directors, the market price of its common shares,
from time to time, may not fully reflect the underlying value of its mining operations, properties and future growth prospects.
Asanko believes that in such circumstances, the outstanding common shares represent an appealing investment option for
Asanko since a portion of the Company's cash balance can be invested for an attractive risk adjusted return through the
NCIB. The board of directors of the Company believes that the proposed purchases are in the best interests of the
Company and are an appropriate use of corporate funds.
The Company will enter into a share purchase plan (the "Plan") to facilitate the purchase of common shares pursuant to the
NCIB and under which its broker may purchase common shares according to a prearranged set of criteria. The Plan will
enable the purchase of common shares at any time, including when the Company would not ordinarily be active in the
market because of internal trading blackout periods, insider trading rules or otherwise.
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any
common shares under the NCIB. However, sales by such persons through the facilities of the TSX, NYSE American or
other alternative trading systems in
Canada
or
the United States
may occur if the personal circumstances of any such
person change or any such person makes a decision unrelated to these purchases under the NCIB. The benefits to any
such person whose shares are purchased would be the same as the benefits available to all other holders whose shares
are purchased.
NCIB will terminate on
November 14, 2020
, or earlier if the maximum number of shares under the NCIB have been
purchased. The Company reserves the right to terminate the NCIB earlier if it feels it is appropriate to do so. The Company
has not made any purchases of its common shares during the past twelve months.
About Asanko Gold Inc.
Asanko is focused on building a low-cost, mid-tier gold mining company through organic production growth, exploration and
disciplined deployment of its financial resources. The company currently operates and manages the Asanko Gold Mine,
located in
Ghana
,
West Africa
which is jointly owned with Gold Fields Ltd. The Company is strongly committed to the
highest standards for environmental management, social responsibility, and health and safety for its employees and
neighbouring communities. For more information, please visit
www.asanko.com
.
Forward-Looking and other Cautionary Information
Certain statements and information contained in this news release constitute "forward-looking statements" within the
meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian
securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements
and information regarding possible events, conditions or results of operations that are based upon assumptions about
future conditions and courses of action. All statements and information other than statements of historical fact may be
forward looking statements. In some cases, forward-looking statements can be identified by the use of words such as
"seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential",
"target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting
future outcomes or statements regarding an outlook.
Forward-looking statements in this news release include, but are not limited to: the commencement of the NCIB; the
number of common shares ultimately available to be purchased by the Company pursuant to the NCIB and the purchase
price of such common shares; the Company's entrance into the Plan; the intention of the directors, officers and other
insiders of the Company to sell common shares pursuant to the NCIB; and the term of the NCIB. Such forward-looking
statements are based on a number of material factors and assumptions, including, but not limited to: that the Company
will commence the NCIB; that the Company will purchase common shares pursuant to the NCIB; assumptions in respect
of the price of the Company's common shares; that the directors, officers and other insiders of the Company will not sell
common shares pursuant to the NCIB; general economic conditions; and that there is no material adverse change in the
price of gold or other metals.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual
results, performance or achievements to differ materially from those anticipated in such forward-looking statements. The
Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can
be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-
looking statements contained herein. Some of the risks and other factors which could cause actual results to differ
materially from those expressed in the forward-looking statements contained in this news release, include, but are not
limited to: the Company may decide not to commence the NCIB or repurchase any common shares pursuant to the NCIB;
the Company may terminate the NCIB prior to its expiry or the purchase by the Company of the maximum number of
shares pursuant to the NCIB; the Company's invrestment in its own common shares may be uneconomic; ; and the
Company's common shares may experience price and trading volume volatility; the Company's revenues are dependent
on the market prices for gold, which have experienced significant recent fluctuations.
Although the Company has attempted to identify important factors that could cause actual results or events to differ
materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and
there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to
update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these
beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of
Canada
accepts responsibility for
the adequacy or accuracy of this release.
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SOURCE
Asanko Gold Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2019/12/c2175.html
%SEDAR: 00015923E
For further information:
Enquiries: Lynette Gould, SVP Investor Relations, Toll-Free (N. America): 1-855-246-7341,
Telephone: 778-729-0608, Email: [email protected]
CO: Asanko Gold Inc.
CNW 18:12e 12-NOV-19