Sandstorm Gold renews normal course issuer bid Sandstorm Gold renews normal course issuer bid
VANCOUVER, March 29, 2018 /CNW/ - Sandstorm Gold Ltd. ("Sandstorm" or the "Company") (NYSE American: SAND, TSX: SSL) announces that the Company's normal course issuer bid ("NCIB") is being renewed after the existing NCIB expires on April 4, 2018. The NCIB provides Sandstorm with the option to purchase the Company's common shares from time to time when Sandstorm's management believes that the common shares are undervalued by the market. Under the renewed NCIB, Sandstorm may purchase up to 9,191,777 of its common shares, representing 5% of the Company's issued and outstanding common shares of 183,823,556 as of March 19, 2018. The Toronto Stock Exchange ("TSX") has accepted the Company's notice that it intends to proceed with a NCIB in accordance with TSX rules. Purchases under the renewed NCIB may commence on April 5, 2018 and will terminate on the earlier of April 4, 2019, the date that Sandstorm completes its purchases pursuant to the NCIB as filed with the TSX, or the date of notice by Sandstorm of termination of the NCIB.
All purchases under the NCIB will be executed on the open market through the facilities of the TSX or alternative Canadian trading platforms and through the facilities of the NYSE American or alternative trading platforms in the United States of America. Purchases will be made at the market price of the common shares at the time of acquisition and may be funded by Sandstorm's working capital. Any common shares acquired by the Company under the NCIB will be cancelled. Sandstorm's average daily trading volume on the TSX during the last six calendar months was 365,501 common shares. Under the rules of the TSX, daily purchases on the TSX will not exceed 91,375 common shares, subject to the Company's ability to make block purchases. The maximum number of shares which can be purchased per day on the NYSE American will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.
The Company has purchased 4,106,772 common shares pursuant to a NCIB in the last twelve months at a weighted average price of C$5.50 per common share on the TSX and alternates and approximately US$4.29 per common share on the NYSE American and alternates.
Sandstorm has filed a NI 43-101 technical report entitled "Hod Maden Project Mineral Resource Estimate" with an effective date of March 29, 2018. This report is available on Sandstorm's SEDAR profile at www.sedar.com. The full Pre-Feasibility Study results and the corresponding NI 43-101 report is expected to be completed within the next quarter.