Eldorado Gold Corporation (“Eldorado” or “the Company”) announces
that the Company has established an at-the-market equity program
(the “ATM Program”). The ATM Program will allow the Company to
issue up to US$125 million worth of common shares from treasury
(“Common Shares”) to the public from time to time at prevailing
market prices through the Toronto Stock Exchange, the New York
Stock Exchange or any other marketplace on which the Common Shares
are listed, quoted or otherwise trade. The volume and timing of
distributions under the ATM Program, if any, will be determined at
the Company’s sole discretion, subject to applicable regulatory
limitations.
Sales of Common Shares through the ATM Program
will be made pursuant to the terms of an equity distribution
agreement dated September 26, 2019 entered into among the Company,
BMO Nesbitt Burns Inc., as Canadian agent, and BMO Capital Markets
Corp., as U.S. agent. The ATM Program will be effective until
September 26, 2021, unless all Common Shares available for issue
under the ATM Program have been issued or the ATM Program is
terminated prior to such date by the Company or the agents.
Eldorado intends to use the net proceeds from
the ATM Program, if any, for funding:
- Potential capital investments at Kişladağ for waste stripping
and heap leach pad expansion, subject to ongoing metallurgical heap
leach testwork;
- Potential capital investments at Lamaque for expansion from
1,800 tonnes per day (“tpd”) to 2,500 tpd;
- Potential engineering and permitting expenses and minor
enabling construction to support the re-start of construction at
Skouries;
- Potential engineering and Environmental Impact Assessment
permitting expenses at Perama Hill;
- Potential engineering and permitting expenses to expand
Olympias from 1,200 tpd to 1,900 tpd;
- Repayment of indebtedness; and/or
- General corporate purposes.
The Company has filed a prospectus supplement
dated September 26, 2019 (“Prospectus Supplement”) to its base
shelf prospectus dated August 26, 2019 (“Base Shelf Prospectus”)
with each of the securities regulatory authorities in all provinces
of Canada, and has filed a registration statement on Form F-10
(including a prospectus) and a prospectus supplement with the
United States Securities and Exchange Commission (the “SEC”) for
the ATM Program. Before you invest, you should read the
Prospectus Supplement, the Company’s Base Shelf Prospectus, the
registration statement, and all other documents the Company has
filed with the Canadian securities regulatory authorities and the
SEC for more complete information about the Company and the ATM
Program. These documents may be downloaded from SEDAR at
www.sedar.com or by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, any agent participating in the
ATM Program will arrange to send you these documents if you request
it by contacting, (i) in Canada: BMO Nesbitt Burns Inc., attn:
Brampton Distribution Centre C/O The DATA Group of Companies, 9195
Torbram Road, Brampton, Ontario, L6S 6H2, by email at
torbramwarehouse@datagroup.ca or by phone at 905-791-3151 Ext.
4312 (ii) in the U.S., BMO Capital Markets Corp., attn: Equity
Syndicate Department, 3 Times Square, 25th Floor, New York, NY,
10036, by email at bmoprospectus@bmo.com or by phone at
1-800-414-3627.
This news release does not constitute an offer
to sell or the solicitation of an offer to buy the Common Shares,
nor shall there be any sale of these securities in any jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such jurisdiction.
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, Serbia, and Brazil. The Company has a highly
skilled and dedicated workforce, safe and responsible operations, a
portfolio of high-quality assets, and long-term partnerships with
local communities. Eldorado's Common Shares trade on the
Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange
(NYSE: EGO).
Contacts
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 louise.burgess@eldoradogold.com
Cautionary Note about Forward-looking
Statements and Information
Certain of the statements made and information
provided in this press release are forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. Often, these forward-looking statements and
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget", “continue”,
“projected”, "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or the negatives thereof or variations
of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements or information
contained in this release include, but are not limited to,
statements or information with respect to: sales of any Common
Shares pursuant to the ATM Program, including the price, volume and
timing of any distributions, use of the net proceeds of any sales
of Common Shares pursuant to the ATM Program, including any capital
investment at Kişladağ or Lamaque, engineering, permitting and
construction at Skouries, Perama Hill and Olympias, and repayment
of indebtedness.
Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, market 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 statements or information.
We have made certain assumptions about the
forward-looking statements and information, including assumptions
about the price of the Common Shares, metallurgical recoveries the
geopolitical, economic, permitting and legal climate that we
operate in; the future price of gold and other commodities; the
global concentrate market; exchange rates; anticipated costs and
expenses; production, mineral reserves and resources, suspensions
or delays on our business and the ability to achieve our goals. In
particular, except where otherwise stated, we have assumed a
continuation of existing business operations on substantially the
same basis as exists at the time of this release. Even though our
management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there
can be no assurance that the forward-looking statement or
information will prove to be accurate. Many assumptions may be
difficult to predict and are beyond our control.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the following: the price of the Common Shares; results of further
testwork at Kişladağ, recoveries of gold and other metals;
geopolitical and economic climate (global and local), risks related
to mineral tenure and permits; gold and other commodity price
volatility; continued softening of the global concentrate market;
risks regarding potential and pending litigation and arbitration
proceedings relating to the Company’s, business, properties and
operations; expected impact on reserves and the carrying value; the
updating of the reserve and resource models and life of mine plans;
mining operational and development risk; financing risks, foreign
country operational risks; risks of sovereign investment;
regulatory risks and liabilities including, environmental
regulatory restrictions and liability; discrepancies between actual
and estimated production, mineral reserves and resources;
additional funding requirements; currency fluctuations; community
and non-governmental organization actions; speculative nature of
gold exploration; dilution; competition; loss of key employees; and
defective title to mineral claims or properties, as well as those
risk factors discussed in the sections titled “Forward-Looking
Statements” and "Risk factors in our business" in the Company's
most recent Annual Information Form & Form 40-F and
“Forward-Looking Statements” and "Risk factors" in Prospectus
Supplement and the Base Shelf Prospectus. The reader is directed to
carefully review the detailed risk discussion in our most recent
Annual Information Form, the Prospectus Supplement and the Base
Shelf Prospectus filed on SEDAR and EDGAR under our Company name,
which discussion is incorporated by reference in this release, for
a fuller understanding of the risks and uncertainties that affect
the Company’s business and operations.
Forward-looking statements and information is
designed to help you understand management’s current views of our
near and longer term prospects, and it may not be appropriate for
other purposes.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to
update forward-looking statements and information continually as
conditions change.
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