Cerrado Gold Inc V.CERT

News.Cerrado to buy back 5% of its shares

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Cerrado Gold Inc.
Symbol	CERT
Shares Issued	103,418,062
Close 2024-11-12	C$ 0.33
Market Cap	C$ 34,127,960
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ORIGINAL: Cerrado Files Notice To Implement Normal Course Issuer Bid

 

2024-11-13 06:01 ET - News Release

 

• Management and Directors do not believe Common Shares reflect the value of the Company's assets and future prospects

TORONTO, ON / ACCESSWIRE / November 13, 2024 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") announces today that the TSX Venture Exchange ("TSXV") has accepted the Company's notice to implement a normal course issuer bid (the "NCIB") permitting the Company to repurchase, for cancellation, up to 5,170,903 common shares ("Common Shares") of the Company, representing 5% of the issued and outstanding Common Shares.

The NCIB will commence on November 15, 2024 and will terminate on the earlier of (i) the Company purchasing 5,170,903 Common Shares, (ii) the Company providing notice of termination of the NCIB, and (iii) November 14, 2025. Under the NCIB, the Company may not acquire more than 2% of the Common Shares, equating to 2,068,361 Common Shares, in any 30-day period.

The Company's Board of Directors believe that the market price of the Common Shares does not reflect the underlying value of the Company's assets and future prospects, and that repurchasing Common Shares will enhance shareholder value.

The Company has entered into an engagement with Eight Capital to act as its broker for the NCIB. The NCIB will be made through the facilities of the TSXV and/or alternative trading systems and the purchase and payment for the Common Shares will be made in accordance with TSXV requirements at the market price of the Common Shares at the time of acquisition, plus brokerage fees, if any, charged by Eight Capital. All common shares purchased by the Company under the NCIB will be cancelled.

To the Company's knowledge, none of the directors, senior officers or insiders of the Company, or any associate of such person, or any associate or affiliate of the Company, has any present intention to sell any Common Shares under the NCIB. The Company has not previously approved an NCIB.

A copy of the Form 5G - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.

For more information about Cerrado please visit our website at: www.cerradogold.com.

Mark Brennan 
CEO and Chairman