Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid
December 04 2018 - 4:30PM
(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 commence a normal course
issuer bid (the “NCIB”).
This approval allows the Company to purchase up
to 63,718,842 common shares of the Company (the “Common Shares”)
(representing 10% of the 733,509,679 issued and outstanding Common
Shares as of December 3, 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) over a period
of twelve months commencing on December 7, 2018. The NCIB will
expire no later than December 6, 2019.
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 573,371 Common
Shares, which represents 25% of the average daily trading volume of
2,293,485 Common Shares on the TSX for the six months ended
November 30, 2018. The price that Lundin Mining will pay for Common
Shares in open market transactions will be the market price at the
time of purchase.
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.
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 December
4, 2018 at 4:30 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 and
the number of share that may be purchased under 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 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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