Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K,
NYSE: KGC) is pleased to announce that the Toronto Stock Exchange
(the “TSX”) has accepted the notice filed by the Company to
establish a normal course issuer bid (“NCIB”) program.
Under the NCIB program, the Company is
authorized to purchase up to 63,096,676 of its common shares (out
of the 1,261,933,539 common shares outstanding as at July 27, 2021)
representing 5% of the Company’s issued and outstanding common
shares, during the period starting on August 3, 2021 and ending on
August 2, 2022.
In deciding to establish the NCIB program, the
Company believes that the market price of the common shares may
not, from time to time, fully reflect their value, and accordingly,
the purchase of the common shares would be in the best interest of
the Company and an attractive and appropriate use of available
funds. Kinross is committed to enhancing shareholder returns
through programs such as a share buyback and its quarterly
dividend, which are underpinned by the Company’s investment grade
balance sheet, strong free cash flow and growing production profile
from its global portfolio. This strong foundation places Kinross in
an excellent position to continue generating substantial value for
its shareholders.
Kinross may make any purchases through the
facilities of the TSX, the New York Stock Exchange (the “NYSE”)
and/or alternative Canadian trading systems, if eligible, or by
such other means as may be permitted by the TSX and/or NYSE or
under applicable law. Daily repurchases on the TSX will be limited
to a maximum of 989,526 common shares, representing 25% of the
average daily trading volume for the six months ended June 30, 2021
(being 3,958,104 common shares), except where purchases are made in
accordance with the “block purchase exception” of the TSX rules.
Subject to certain exceptions for block purchases, the maximum
number of common shares which can be purchased per day on the NYSE
will be 25% of the average daily trading volume for the four
calendar weeks preceding the date of purchase. All shares purchased
by the Company under the NCIB program will be cancelled.
Purchases will be made by the Company in
accordance with the requirements of the TSX and/or the NYSE and the
price which the Company will pay for any such common shares will be
the market price of any such common shares at the time of
acquisition, or such other price as may be permitted by the TSX
and/or the NYSE.
In connection with the NCIB program, the Company
has entered into an automatic repurchase plan with its designated
broker to allow for purchases of its common shares during certain
pre-determined black-out periods, subject to certain parameters as
to price and number of common shares. Outside of these
pre-determined black-out periods, common shares will be repurchased
in accordance with management’s discretion, subject to applicable
law.
Although the Company has a present intention to
acquire its common shares pursuant to the NCIB program, the Company
will not be obligated to make any purchases and purchases may be
suspended by the Company at any time.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining
company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile and Ghana. Our focus is on delivering
value based on the core principles of operational excellence,
balance sheet strength, disciplined growth and responsible mining.
Kinross maintains listings on the Toronto Stock Exchange (symbol:K)
and the New York Stock Exchange (symbol:KGC).
Media Contact Louie
DiazVice-President, Corporate Communicationsphone:
416-369-6469louie.diaz@kinross.com
Investor Relations ContactChris Lichtenheldt
Vice-President,
Investor
Relations phone: 416-365-2761
chris.lichtenheldt@kinross.com
Cautionary statement on forward-looking
information
All statements, other than statements of
historical fact, contained or incorporated by reference in this
news release including, but not limited to, any information as to
the future financial or operating performance of Kinross,
constitute “forward-looking information” or “forward-looking
statements” within the meaning of certain securities laws,
including the provisions of the Securities Act (Ontario) and the
provisions for “safe harbor” under the United States Private
Securities Litigation Reform Act of 1995 and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements contained in this news release,
include, but are not limited to, those relating to potential
purchases under the Company’s NCIB. The words “anticipate”,
“continue”, “estimates”, “expects”, “forecast”, “guidance”,
“intends”, “outlook”, “progress”, “potential”, “prioritize”, or
variations of or similar such words and phrases or statements that
certain actions, events or results may, could, should or will be
achieved, received or taken, or will occur or result and similar
such expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
Kinross as of the date of such statements, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. The estimates, models and assumptions of Kinross
referenced, contained or incorporated by reference in this news
release, which may prove to be incorrect, include, but are not
limited to, the various assumptions set forth herein and in our
Management’s Discussion and Analysis (“MD&A”) for the year
ended December 31, 2020, and the Annual Information Form dated
March 30, 2021. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include, but are not
limited to: the inaccuracy of any of the foregoing assumptions.
Many of these uncertainties and contingencies can directly or
indirectly affect, and could cause, Kinross’ actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Kinross,
including but not limited to resulting in an impairment charge on
goodwill and/or assets. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management’s expectations and plans relating to the future. All of
the forward-looking statements made in this news release are
qualified by this cautionary statement and those made in our other
filings with the securities regulators of Canada and the United
States including, but not limited to, the cautionary statements
made in the “Risk Analysis” section of our MD&A for the year
ended December 31, 2020 and the Annual Information Form dated March
30, 2021. These factors are not intended to represent a complete
list of the factors that could affect Kinross. Kinross disclaims
any intention or obligation to update or revise any forward-looking
statements or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the
extent required by applicable law.
Source: Kinross Gold Corporation
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