Victoria Gold Corp. (TSX-VGCX) intends to complete a normal course issuer bid. The company has received approval from the Toronto Stock Exchange (TSX) to purchase for cancellation, from time to time over a 12-month period, common shares of the company listed on the TSX in an aggregate amount of up to 3,122,493 Common Shares (NCIB Programme).
Purchases for cancellation under the NCIB Program may commence on June 1, 2021 and will terminate on May 31, 2022 or on such earlier date as the NCIB Programme is complete. Purchases of Common Shares under the NCIB Programme will be made through the facilities of the TSX and other alternative Canadian trading systems, in accordance with the rules of the TSX. On the date of approval, the average daily trading volume of the Common Shares for the previous six calendar months (ADTV) was 266,191 Common Shares.
Subject to the TSX’s block purchase exception, on any trading day, purchases under the NCIB Programme will not exceed 66,547 Common Shares (25% of the ADTV). The price that the Company will pay for any Common Shares purchased under the NCIB Program will be the prevailing market price at the time of purchase. Any Common Shares purchased by the Company will be cancelled.
As of May 25, 2021, there were 62,449,874 Common Shares issued and outstanding. The 3,122,493 Common Shares that may be repurchased under the NCIB Program represents 5% of the Common Shares issued and outstanding. The actual number of Common Shares repurchased under the NCIB Programme and the timing of such repurchases will be at Victoria’s discretion and shall be subject to the limitations set out in the TSX Company Manual.
The board of directors of Victoria believes that the underlying value of the company may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the company of, and be advantageous to, all remaining shareholders of the Company.
Victoria has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Programme on its behalf.