Lundin Mining Announces Intention to Make a Normal Course Issuer Bid
November 28 2018 - 05:35PM
(TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining
Corporation (“Lundin Mining” or the “Company”) announces
that it intends to make a normal course issuer bid (a “NCIB”) to
purchase up to
63,718,842 common shares of the
Company (the “Common Shares”) on the Toronto Stock Exchange (the
“TSX”).
The NCIB has been approved by the Company’s
board of directors; however, it is subject to acceptance by the TSX
and, if accepted, will be made in accordance with the applicable
rules and policies of the TSX and applicable Canadian securities
laws. Under the NCIB, Common Shares may be repurchased in open
market transactions on the TSX and/or other Canadian exchanges, or
by such other means as may be permitted by the TSX and applicable
Canadian securities laws. 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 accordance with TSX rules, any daily
purchases (other than pursuant to a block purchase exception) on
the TSX under the NCIB are limited to a maximum of 571,698 Common
Shares, which represents 25% of the average daily trading volume on
the TSX for the six months ended October 31, 2018. Any Common
Shares that are purchased under the NCIB will be cancelled.
Under the NCIB, up to
63,718,842 Common Shares (representing 10% of the
total outstanding Common Shares as of November 28, 2018, 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), may be purchased on the TSX over a
period of twelve months commencing after TSX approval.
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.
About Lundin Mining
Lundin Mining is a diversified Canadian base
metals mining company with operations in Chile, the United States
of America, Portugal and Sweden, primarily producing copper, nickel
and zinc. In addition, Lundin Mining holds an indirect 24% equity
stake in the Freeport Cobalt Oy business, which includes a cobalt
refinery located in Kokkola, Finland.
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 November 28, 2018 at 5:35
p.m. Eastern Time.
For further information, please contact: Mark
Turner, Director, Business Valuations and Investor Relations:
+1-416-342-5565Robert Eriksson, Investor Relations Sweden:
+46 8 545 015 50
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. Forward-looking
information includes, but is not limited to, statements with
respect to Lundin Mining’s proposed normal course issuer bid, the
number of share that may be purchased under the normal course
issuer bid and TSX acceptance of the normal course issuer
bid. Words such as “will”, “intends”, “expects”, “believe”,
“anticipate”, “possible”, “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, that the TSX will
accept the normal course issuer bid 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 to 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.
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