Palisades Goldcorp renews share buyback
2024-03-26 14:00 ET - News Release
Mr. Collin Kettell reports
PALISADES GOLDCORP LTD. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
The TSX Venture Exchange has accepted Palisades Goldcorp Ltd.'s notice of intention to renew its normal course issuer bid (NCIB) for common shares in the capital of the company through the facilities of the TSX-V.
Pursuant to the renewal NCIB, the company may, effective April 1, 2024, commence making purchases of up to a maximum of 2,395,198 common shares, which represents approximately 5 per cent of the company's issued and outstanding common shares. A purchase of common shares under the renewal NCIB also may not, when aggregated with the total of any other purchases in the 30 days preceding the purchase, whether through the facilities of the TSX-V or otherwise, exceed 2 per cent of the total issued and outstanding common shares of the company at the time the purchase is made.
The company believes that the current market price of the common shares does not adequately reflect its underlying value and future prospects and that the repurchase of common shares at current market prices through the renewal NCIB is an appropriate use of corporate funds.
PI Financial Corp. will continue to conduct the NCIB on behalf of the company. Any common shares acquired under the renewal NCIB will be purchased at the market price. All common shares acquired by the company pursuant to the renewal NCIB will be cancelled following purchase.
The renewal NCIB will terminate on March 31, 2025, unless terminated earlier at the option of the company upon prior notice being given to the TSX-V or as of the date on which the company shall have acquired all of the common shares sought pursuant to the renewal NCIB.
There can be no assurance as to the number of common shares, if any, that may be repurchased under the renewal NCIB or the aggregate dollar amount expended. The company may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.
Under the company's initial NCIB, which commenced on April 1, 2023, and which will expire on March 31, 2024, the company was authorized to purchase for cancellation up to 2,467,298 common shares.
As at March 26, 2024, the company has purchased 1,442,000 of its previously issued and outstanding common shares at a weighted average price of $2.44 per common share.