Globex Mining Enterprises Inc. Announces Renewal of Normal Course Issuer Bid
July 28 2023 - 11:59AM
GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock
Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich,
Tradegate, Lang & Schwarz Stock
Exchanges and GLBXF – OTCQX
International) is pleased to announce that the Toronto
Stock Exchange (“TSX”) has approved the renewal of Globex’s normal
course issuer bid (“NCIB”). Under the renewed NCIB, Globex will be
entitled to repurchase for cancellation up to 1,000,000 common
shares, representing approximately 1.8% of Globex’s issued and
outstanding shares as of July 20, 2023, over a twelve-month
period starting on August 2, 2023 and ending on August 1,
2024. The purchases by Globex will be effected through the
facilities of the TSX and on alternative trading systems in Canada,
and will be made at the market price of the shares at the time of
the purchase. Globex had 55,429,836 common shares issued and
outstanding as of July 20, 2023, of which
48,303,745 shares constituted the “public float”.
During the most recently completed six months,
the average daily trading volume for Globex’s common shares on the
TSX was 35,080 shares. Consequently, under the policies of the
TSX, Globex will have the right to repurchase during any one
trading day a maximum of 8,770 common shares on the TSX,
representing 25% of the average daily trading volume. In addition,
Globex may make, once per calendar week, a block purchase (as such
term is defined in the TSX Company Manual) on the TSX of common
shares not directly or indirectly owned by insiders of Globex, in
accordance with the policies of the TSX.
Globex intends to acquire the common shares
because it believes that the repurchase of common shares at certain
market prices is beneficial to Globex and its shareholders. Globex
intends to make any purchases on an opportunistic basis, taking
share price and other considerations into account.
Any purchases made pursuant to the NCIB will be
made in accordance with the requirements of the TSX. Except for
exempt offers, Globex will make no purchases of common shares other
than open market purchases during the period of the NCIB.
Under its current NCIB, which entered into
effect on August 2, 2022 and which expires on August 1,
2023, Globex is authorized to purchase up to 1,000,000 shares.
Under the NCIB, Globex has repurchased a total of
645,500 common shares at a volume weighted average purchase
price of $0.7474 per share, through the facilities of the TSX and
on alternative trading systems in Canada. All of the repurchased
shares were cancelled by Globex.
In connection with the NCIB, Globex has entered
into an automatic share purchase plan with a Canadian securities
dealer pursuant to which the securities dealer, acting as Globex’s
agent, may acquire at its discretion shares on Globex’s behalf
during “black-out” or “closed” periods under Globex’s stock trading
policy, subject to certain parameters as to price and number of
shares.
Forward Looking Statements
Except for historical information, this news
release may contain certain “forward looking statements”. These
statements may involve a number of known and unknown risks and
uncertainties and other factors that may cause the actual results,
level of activity and performance to be materially different from
the expectations and projections of Globex Mining Enterprises Inc.
(“Globex”). No assurance can be given that any events anticipated
by the forward-looking information will transpire or occur, or if
any of them do so, what benefits Globex will derive therefrom. A
more detailed discussion of the risks is available in the “Annual
Information Form” filed by Globex on SEDAR at www.sedar.com.
We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
|
CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X
2J1 |
Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.com
www.globexmining.com |
Globex Mining Enterprises (TSX:GMX)
Historical Stock Chart
From May 2024 to Jun 2024
Globex Mining Enterprises (TSX:GMX)
Historical Stock Chart
From Jun 2023 to Jun 2024