Shares Issued: 201,539,187
THUNDER BAY, ON, July 20, 2017 /CNW/ - PREMIER GOLD MINES
LIMITED ("Premier" or the "Company") (TSX:PG) announced today
that it has received the approval of the Toronto Stock Exchange
(the "TSX") for a normal course issuer bid (the
"Bid") to purchase up to 19,599,646 of its issued and
outstanding common shares (the "Common Shares").
Purchases under the Bid may commence on July 25, 2017 and will terminate on July 24, 2018, or on such earlier date as the Bid
is complete. Purchases of Common Shares will be made through the
facilities of the TSX in accordance with its rules. Purchases under
the Bid may also be made through alternative Canadian trading
systems. The average daily trading volume of the Common Shares for
the previous six calendar months ("ADTV") was 1,038,808
Common Shares. Subject to the TSX's block purchase exception, on
any trading day, purchases under the Bid will not exceed 259,702
Common Shares (25% of the ADTV). The price that the Company will
pay for any Common Shares purchased under the Bid will be the
prevailing market price at the time of purchase. Any Common Shares
purchased by the Company will be cancelled.
As of July 20, 2017, there were
201,539,187 Common Shares issued and outstanding. The 19,599,646
Common Shares that may be repurchased under the Bid represents
approximately 10% of the "public float" (as defined in the TSX
Company Manual) of the Company's issued and outstanding Common
Shares on July 20, 2017.
The Board of Directors has determined that the Bid is an
effective use of the Company's financial resources when its
common shares trade at a significant discount to
their underlying value.
Premier Gold Mines Limited is a gold producer and
respected exploration and development company with a high-quality
pipeline of precious metal projects in proven, accessible and safe
mining jurisdictions in Canada,
the United States, and
Mexico.
Premier remains focused on creating a low-cost, mid-tier gold
producer through its two producing gold mines, South Arturo and
Mercedes, and through future mine development opportunities at
McCoy-Cove in Nevada and Hardrock
in Ontario (Greenstone Gold JV)
where permitting and development initiatives are ongoing.
SOURCE Premier Gold Mines Limited