Yamana Gold Announces Normal Course Issuer Bid
May 02 2019 - 7:30AM
YAMANA GOLD INC. (“Yamana” or the “Company”) (TSX:YRI) (NYSE:AUY)
announces that the Toronto Stock Exchange (the “TSX”) has accepted
the notice of Yamana’s intention to commence a normal course issuer
bid (the “NCIB”).
On April 15, 2019, the Company announced its
intention to make an NCIB to purchase up to 5% of the Company’s
issued and outstanding common shares on the TSX and the New York
Stock Exchange (the “NYSE”), subject to the approval of the
TSX. The TSX approval allows the Company to purchase up to
47,513,266 common shares (representing 5% of the Company’s
950,265,316 issued and outstanding Common Shares as of April 30,
2019) over a period of twelve months commencing on May 6, 2019. The
NCIB will expire no later than May 5, 2020.
All purchases made pursuant to the NCIB will be
made in open market transactions through the facilities of the TSX
and the NYSE. In accordance with TSX rules, any daily purchases on
the TSX under the NCIB are limited to a maximum of 649,607 common
shares, which represents 25% of the average daily trading volume on
the TSX for the six months ended April 30, 2019, and, in addition,
Yamana will not acquire per day on the NYSE more than 25% of the
average daily trading volume for the four calendar weeks preceding
the date of purchase, subject, in both cases, certain exceptions
for block purchases.
From time to time, when Yamana does not possess
material non-public information about itself or its securities, it
may enter into a pre-defined, automatic share purchase plan with
its broker to allow for the repurchase of 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 plan entered into with Yamana’s broker will be
adopted in accordance with applicable Canadian securities laws and
the requirements of Rule 10b5-1 under the U.S. Securities Exchange
Act of 1934, as amended. Outside of these periods, common shares
will be repurchased in accordance with management’s discretion,
subject to applicable law.
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.
A copy of the Company’s Notice filed with the
TSX may be obtained by any shareholder without charge by contacting
the Company’s Senior Vice President, General Counsel and Corporate
Secretary.
(All amounts are expressed in United States
dollars unless otherwise indicated.)
About Yamana Gold Inc.
Yamana is a Canadian-based gold producer with
significant gold production, gold development stage properties,
exploration properties, and land positions throughout the Americas
including Canada, Brazil, Chile and Argentina. Yamana plans
to continue to build on this base through existing operating mine
expansions, throughput increases, development of new mines, the
advancement of its exploration properties and, at times, by
targeting other gold consolidation opportunities with a primary
focus in the Americas.
FOR FURTHER INFORMATION PLEASE CONTACT:
Steve ParsonsSenior Vice President, Investor
Relations and Corporate Communications
416-815-02201-888-809-0925Email: investor@yamana.com CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release
contains or incorporates by reference “forward-looking statements”
and “forward-looking information” under applicable Canadian
securities legislation within the meaning of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
information includes, but is not limited to information with
respect to the Company's strategy, plans or future financial or
operating performance. Forward-looking statements are characterized
by words such as "plan," "expect", "budget", "target", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions,
assumptions and estimates of management considered reasonable at
the date the statements are made, and are inherently subject to a
variety of risks and uncertainties and other known and unknown
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the Company's expectations in connection with
plans to continue to build on the Company’s existing base through
existing operating mine expansions, throughput increases,
development of new mines, the advancement of its exploration
properties and, at times, by targeting other gold consolidation
opportunities with a primary focus in the Americas; the Company’s
expectations in connection with the Company possibly entering into
an automatic share purchase plan in connection with the NCIB at
some point in the future; the number of common shares ultimately
repurchased under the NCIB; as well as those risk factors discussed
or referred to herein and in the Company's Annual Information Form
filed with the securities regulatory authorities in all provinces
of Canada and available at www.sedar.com, and the Company's Annual
Report on Form 40-F filed with the United States Securities and
Exchange Commission. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, including market conditions, share
price and best use of available cash, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates, assumptions or opinions should change,
except as required by applicable law. The reader is cautioned not
to place undue reliance on forward-looking statements. The
forward-looking information contained herein is presented for the
purpose of assisting investors in understanding the Company's
expected plans and objectives in connection with the NCIB and may
not be appropriate for other purposes.
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