TORONTO, Dec. 4, 2020 /CNW/ - (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or
the "Company") announces that the Toronto Stock Exchange (the
"TSX") has accepted the notice of Lundin Mining's intention to
renew its normal course issuer bid (the "NCIB").
The Company intends to continue to utilize the NCIB at its
discretion to make opportunistic purchases to create shareholder
value and manage the number of outstanding common shares of the
Company (the "Common Shares").
This approval allows the Company to purchase up to 63,682,170
Common Shares, representing 10% of the 734,303,819 issued and
outstanding Common Shares as of November 30,
2020, minus those Common Shares beneficially owned, or over
which control or direction is exercised by the Company, the senior
officers and directors of the Company and every shareholder who
owns or exercises control or direction over more than 10% of the
outstanding Common Shares, over a period of twelve months
commencing on December 9, 2020. The
NCIB will expire no later than December 8,
2021.
All purchases made pursuant to the NCIB will be made through the
facilities of the TSX or other alternative Canadian trading
systems. In accordance with TSX rules, any daily purchases (other
than pursuant to a block purchase exemption) on the TSX under the
NCIB are limited to a maximum of 524,753 Common Shares, which
represents 25% of the average daily trading volume of 2,099,014
Common Shares on the TSX for the six months ended November 30, 2020. The price that Lundin Mining
will pay for Common Shares in open market transactions will be the
market price at the time of purchase.
In connection with the NCIB renewal, Lundin Mining entered into
an automatic repurchase plan with its designated broker to allow
for the repurchase of Common Shares at times when the Company
ordinarily would not be active in the market due to its own
internal trading blackout periods, insider trading rules or
otherwise (any such period being an "Operating Period"). Before
entering an Operating Period, the Company may, but is not required
to, instruct the designated broker to make purchases under the NCIB
in accordance with the terms of the plan. Purchases made pursuant
to the plan, if any, will be made by the Company's designated
broker based upon the parameters prescribed by the TSX, applicable
Canadian securities laws and the terms of the written agreement
entered between the Company and its designated broker. Outside of
these Operating Periods, Common Shares will be purchasable by
Lundin Mining at its discretion under its NCIB.
The automatic repurchase plan will commence on the effective
date of the NCIB and will terminate on the earliest of the date on
which: (i) the purchase limit under the NCIB has been reached; (ii)
the NCIB expires; and (iii) the Company terminates the automatic
repurchase plan in accordance with its terms. The automatic
repurchase plan constitutes an "automatic plan" for purposes of
applicable Canadian securities legislation and the agreement
governing the plan has been pre-cleared by the TSX.
The actual number of Common Shares that may be purchased and the
timing of such purchases will be determined by the Company.
Decisions regarding purchases will be based on market conditions,
share price, best use of available cash, and other factors. Any
Common Shares that are purchased under the NCIB will be
cancelled.
Under the Company's current NCIB that commenced on December 9, 2019 and expires on December 8, 2020, the Company previously sought
and received approval from the TSX to purchase up to 63,797,653
Common Shares. As of November 30,
2020, the Company has purchased 2,611,300 Common Shares
under its current NCIB through open market transactions at a
weighted average price of approximately $6.81 per Common Share.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Brazil,
Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on December 4, 2020 at 18:30
Eastern Time.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained
herein, other than statements of historical fact and historical
information, is "forward-looking information" within the meaning of
applicable Canadian securities laws. Such statements include, but
are not limited to, statements with respect to Lundin Mining's
proposed normal course issuer bid, the Company's pre-defined plan
with its broker to allow for the repurchase of Common Shares, and
the number of Common Shares that may be purchased under the normal
course issuer bid. Words such as "if", "will be", "may" and
"schedule", or variations of these terms or similar terminology or
statements that certain actions, events or results "could" occur or
be achieved are intended to identify such forward-looking
information. Although the Company believes that the expectations
reflected in the forward-looking information contained herein are
reasonable, these statements by their nature involve risks and
uncertainties, and are not guarantees of future performance.
Forward-looking information is based on a number of assumptions,
and subject to a variety of risks and uncertainties which could
cause actual events or results to differ from those reflected in
the forward-looking statements. Risks include but are not limited
to the market price of the Common Shares being too high to ensure
that purchases benefit the Company and its shareholders, as well as
additional risks disclosed in filings made by the Company with
Canadian securities regulatory authorities. There can be no
assurance that the Common Shares will, from time to time, trade
below their value or that the Company will complete purchases of
Common Shares pursuant to the NCIB. Should one or more of these
risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company 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 Lundin Mining Corporation