WHITEHORSE, Yukon, May 27, 2021 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) announces today its intention to complete a normal course issuer bid. The Company has received
approval from the Toronto Stock Exchange (the “TSX”) to purchase for cancellation, from time to time over a 12- month period, common shares of the Company (the “Common Shares”) listed on the TSX in an aggregate amount of up to 3,122,493 Common Shares (the “NCIB Program”).
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 Program is complete. Purchases of Common Shares under the NCIB Program 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 Program 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 Program 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.
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to
sell any Common Shares under the NCIB Program. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these purchases under the NCIB Program. If during the course of the NCIB Program, the Company
becomes aware that such persons intend to sell their Common Shares then the Company will not intentionally acquire such Common Shares pursuant to the NCIB Program. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.
Victoria has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf.
About the Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is connected to Yukon Energy’s electrical grid.
The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and
Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of
0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold
Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.
Cautionary Language and Forward-Looking Statements