Roxgold Announces TSX Approval to Renew Normal Course Issuer Bid

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Overig advies 16/06/2020 15:40
TORONTO--(BUSINESS WIRE)-- Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTC: ROGFF) announces that its board of directors has approved the implementation of a normal course issuer bid ("NCIB") and a Notice of Intention to make a Normal Course Issuer Bid has been filed with, and accepted by, the Toronto Stock Exchange (the "TSX").

The Company is implementing the NCIB as it believes that from time to time the market price of Roxgold's Common Shares ("Common Shares") does not reflect the underlying value of the Common Shares. The NCIB will allow Roxgold to purchase Common Shares for cancellation if, in the opinion of management, the purchases can be made on terms which will enhance the value of the remaining outstanding Common Shares.

The NCIB will commence on June 18, 2020 and will terminate on the earlier of: (i) June 17, 2021; and (ii) the date on which the maximum number of Common Shares that can be acquired pursuant to the NCIB are purchased. Purchases of Common Shares under the NCIB will be effected through the facilities of the TSX or alternative Canadian trading systems at the market price at the time of purchase.

Roxgold may purchase up to 10,000,000 Common Shares under the NCIB (representing 2.69% of Roxgold’s issued and outstanding Common Shares), which is below the maximum allowed under TSX regulations of 18,605,811 Common Shares, such maximum being 5% of Roxgold’s issued and outstanding Common Shares as at June 2, 2020. Pursuant to the rules of the TSX, the maximum number of Common Shares that the Company may purchase under the NCIB in any one day is 259,697 Common Shares, which is 25% of the average daily trading volume of the Common Shares on the TSX for the six months ended May 29, 2020, being 1,038,791 Common Shares. As of June 12, 2020, Roxgold had 372,116,228 Common Shares issued and outstanding. Roxgold may also make one block purchase per calendar week which exceeds such daily purchase restriction, subject to the rules of the TSX. Any Common Shares purchased pursuant to the NCIB will be cancelled by the Company.

During the prior NCIB of the Company, which ended on June 4, 2020, the Company obtained approval to purchase up to 10,000,000 Common Shares which represented 2.70% of the 369,904,295 Common Shares issued and outstanding as at the close of business on May 21, 2019. Roxgold purchased and cancelled nil Common Shares under the prior NCIB.

Roxgold may establish an automatic share purchase plan under which the designated NCIB broker could purchase Common Shares pursuant to the NCIB based on parameters established by the Company. Any such plan would be subject to the prior approval of the TSX.

About Roxgold
Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Gold Mine located on the Houndé greenstone belt in Burkina Faso and is advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX

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