Goldmoney Inc. (TSX:XAU) (“Goldmoney” or the “Company”)
announces acceptance by the Toronto Stock Exchange (the "TSX") of
Goldmoney’s Notice of Intention to make a normal course issuer bid
(the "NCIB") to purchase for cancellation 752,049 common shares (
the “Shares”) of Goldmoney, representing 1% of the issued and
outstanding common shares as at July 16, 2020.
On July 13, 2020, the Company announced an exempt issuer bid
whereby it repurchased for cancellation 3,000,000 common shares
from Roy Sebag, an executive officer and director of Goldmoney. As
a result of this purchase and cancellation of 3,000,000 common
shares the Company has approximately 75,040,980 common shares
issued and outstanding as at July 16, 2020.
The NCIB will commence on July 22, 2020 and will terminate on
July 21, 2021 or at such earlier date if the number of Shares
sought in the NCIB has been repurchased. Goldmoney reserves the
right to terminate the NCIB earlier if it feels that it is
appropriate to do so.
All Shares will be purchased on the open market through the
facilities of the TSX as well as on alternative Canadian trading
systems at prevailing market rates and any Shares purchased by
Goldmoney will be cancelled. The actual number of Shares that may
be purchased and the timing of any such purchases will be
determined by Goldmoney. Any purchases made by Goldmoney pursuant
to the NCIB will be made in accordance with the rules and policies
of the TSX.
During the most recently completed six month period, the average
daily trading volume for the common shares of Goldmoney on the TSX
was 100,569 common shares. Consequently, under the policies of the
TSX, Goldmoney will have the right to repurchase under its NCIB,
during any one trading day, a maximum of 25,142 Shares,
representing 25% of the average daily trading volume. In addition,
Goldmoney will be allowed to make, once per calendar week, a block
purchase (as such term is defined in the TSX Company Manual) of
Shares not directly or indirectly owned by the insiders of
Goldmoney, in accordance with TSX policies. Goldmoney will fund the
purchases through available cash.
The Board of Directors believes the underlying value of
Goldmoney may not be reflected in the market price of its common
shares from time to time and that, at appropriate times,
repurchasing the Shares through the NCIB may represent a good use
of Goldmoney’s financial resources, as such action can protect and
enhance shareholder value when opportunities or volatility arise.
Therefore, the Board of Directors has determined that the NCIB is
in the best interest of Goldmoney and its shareholders.
Goldmoney obtained TSX approval for a previous notice of
intention to conduct a normal course issuer bid to purchase up to
3,000,000 common shares for the period of March 11, 2019 to March
10, 2020. As at the close of trading on March 10, 2020, Goldmoney
had repurchased through open market transactions on the TSX and
alternative Canadian trading systems a total of 319,300 common
shares at a weighted average price of $2.02 pursuant to its
previous normal course issuer bid.
About Goldmoney Inc.
Goldmoney Inc. (TSX:XAU) is a precious metal focused financial
service and technology company. Through its ownership of various
operating subsidiaries, the company is engaged in precious metal
investment, custody and storage, jewelry, coin retailing, and
lending. Goldmoney manages and oversees in excess of $2.0 billion
in assets for clients around the world. The company’s operating
subsidiaries include: Goldmoney.com, Menē Inc. (TSXV: MENĒ),
SchiffGold.com, and Lend & Borrow Trust. Through these
businesses and other investment activities, Goldmoney gains
long-term exposure to precious metals. For more information about
Goldmoney, visit goldmoney.com.
Forward‐Looking Statements
This news release contains or refers to certain forward‐looking
information often be identified by forward‐looking words such as
“anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”,
“may”, “potential” and “will” or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. All information other than information regarding
historical fact, which addresses activities, events or developments
that the Goldmoney Inc. (the “Company”) believes, expects or
anticipates will or may occur in the future, is forward looking
information. Forward‐looking information does not constitute
historical fact but reflects the current expectations the Company
regarding future results or events based on information that is
currently available. By their nature, forward‐looking statements
involve numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and other
forward‐looking information will not occur. Such forward‐looking
information in this release speak only as of the date hereof.
Forward‐looking information in this release includes, but is not
limited to, statements with respect to: statements about the board
of directors of the Company’s belief that the NCIB is advantageous
to shareholders and that underlying value of the Company may not be
reflected in the market price of the common shares and whether the
Company will purchase any common shares under the NCIB; service
times for transactions on the Goldmoney network; growth of the
Company’s business, expected results of operations, and the market
for the Company’s products and services and competitive conditions.
This forward‐looking information is based on reasonable assumptions
and estimates of management of the Company at the time it was made,
and involves known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward‐looking information. Such factors include, among
others: the Company’s limited operating history; history of
operating losses; future capital needs and uncertainty of
additional financing; fluctuations in the market price of the
Company’s common shares; the effect of government regulation and
compliance on the Company and the industry; legal and regulatory
change and uncertainty; jurisdictional factors associated with
international operations; foreign restrictions on the Company’s
operations; product development and rapid technological change;
dependence on technical infrastructure; protection of intellectual
property; use and storage of personal information and compliance
with privacy laws; network security risks; risk of system failure
or inadequacy; the Company’s ability to manage rapid growth;
competition; effectiveness of the Company’s risk management and
internal controls; use of the Company’s services for improper or
illegal purposes; uninsured and underinsured losses; theft &
risk of physical harm to personnel; precious metal trading risks;
and volatility of precious metals prices & public interest in
precious metals investment; and those risks set out in the
Company’s most recently filed annual information form, available on
SEDAR. Although the Company has attempted to identify important
factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward‐looking information. The Company undertakes no obligation
to update or revise any forward‐looking information, except as
required by law. No stock exchange, regulation services provider,
securities commission or other regulatory authority has approved or
disapproved the information contained in this news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200720005098/en/
Media and Investor Relations inquiries: Renee Wei
Director of Global Communications Goldmoney Inc.
renee.wei@goldmoney.com Steve Fray Chief Financial Officer
Goldmoney Inc. +1 647-499-6748
GoldMoney (TSX:XAU)
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