Kinross receives approval for share buyback program
Kinross receives approval for share buyback program
(All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)
TORONTO, July 28, 2021 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K, NYSE:
KGC) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to
establish a normal course issuer bid (“NCIB”) program.
Under the NCIB program, the Company is authorized to purchase up to 63,096,676 of its common shares (out of the
1,261,933,539 common shares outstanding as at July 27, 2021) representing 5% of the Company’s issued and outstanding
common shares, during the period starting on August 3, 2021 and ending on August 2, 2022.
In deciding to establish the NCIB program, the Company believes that the market price of the common shares may not, from
time to time, fully reflect their value, and accordingly, the purchase of the common shares would be in the best interest of the
Company and an attractive and appropriate use of available funds. Kinross is committed to enhancing shareholder returns
through programs such as a share buyback and its quarterly dividend, which are underpinned by the Company’s investment
grade balance sheet, strong free cash flow and growing production profile from its global portfolio. This strong foundation
places Kinross in an excellent position to continue generating substantial value for its shareholders.
Kinross may make any purchases through the facilities of the TSX, the New York Stock Exchange (the “NYSE”) and/or
alternative Canadian trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or
under applicable law. Daily repurchases on the TSX will be limited to a maximum of 989,526 common shares, representing
25% of the average daily trading volume for the six months ended June 30, 2021 (being 3,958,104 common shares), except
where purchases are made in accordance with the “block purchase exception” of the TSX rules. Subject to certain exceptions
for block purchases, the maximum number of common shares which can be purchased per day on the NYSE will be 25% of
the average daily trading volume for the four calendar weeks preceding the date of purchase. All shares purchased by the
Company under the NCIB program will be cancelled.
Purchases will be made by the Company in accordance with the requirements of the TSX and/or the NYSE and the price
which the Company will pay for any such common shares will be the market price of any such common shares at the time of
acquisition, or such other price as may be permitted by the TSX and/or the NYSE.
In connection with the NCIB program, the Company has entered into an automatic repurchase plan with its designated broker
to allow for purchases of its common shares during certain pre-determined black-out periods, subject to certain parameters as
to price and number of common shares. Outside of these pre-determined black-out periods, common shares will be
repurchased in accordance with management’s discretion, subject to applicable law.
Although the Company has a present intention to acquire its common shares pursuant to the NCIB program, the Company will
not be obligated to make any purchases and purchases may be suspended by the Company at any time.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia,
Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational excellence, balance
sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange
(symbol:K) and the New York Stock Exchange (symbol:KGC).
Media Contact
Louie Diaz
Vice-President, Corporate Communications
phone: 416-369-6469
Investor Relations Contact
Chris Lichtenheldt
Vice-President, Investor Relations
phone: 416-365-2761
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release including,
but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward-looking
information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions of the
Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act
of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking
statements contained in this news release, include, but are not limited to, those relating to potential purchases under the
Company’s NCIB. The words “anticipate”, “continue”, “estimates”, “expects”, “forecast”, “guidance”, “intends”, “outlook”,
“progress”, “potential”, “prioritize”, or variations of or similar such words and phrases or statements that certain actions, events
or results may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions identify
forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Kinross
referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not
limited to, the various assumptions set forth herein and in our Management’s Discussion and Analysis (“MD&A”) for the year
ended December 31, 2020, and the Annual Information Form dated March 30, 2021. Known and unknown factors could cause
actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not
limited to: the inaccuracy of any of the foregoing assumptions. Many of these uncertainties and contingencies can directly or
indirectly affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in any forward-
looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment charge on
goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided
for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-
looking statements made in this news release are qualified by this cautionary statement and those made in our other filings
with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in
the “Risk Analysis” section of our MD&A for the year ended December 31, 2020 and the Annual Information Form dated March
30, 2021. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross
disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference
between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Source: Kinross Gold Corporation