Trevali Mining Corporation (“Trevali” or the “Company”)
(TSX: TV, BVL: TV; OTCQX: TREVF, Frankfurt: 4TI) announced
today that the Toronto Stock Exchange (“TSX”) has accepted a notice
filed by Trevali of its intention to implement a normal course
issuer bid.
The NCIB will commence on December 3, 2019 and
terminate on the earlier of (i) December 2, 2020 and (ii) the date
on which the maximum number of common shares that can be acquired
pursuant to the NCIB are purchased. All purchases made pursuant to
the NCIB will be made through the facilities of the TSX or
alternative Canadian trading systems, in open market transactions
or by such other means as may be permitted by the TSX and under
applicable securities laws. The price that Trevali will pay for
common shares in open market transactions will be the market price
at the time of purchase, and all common shares purchased by Trevali
pursuant to the NCIB will be cancelled.
Trevali may purchase up to a total of 50,000,000
common shares under the NCIB (representing approximately 8.5% of
Trevali’s “public float” (calculated in accordance with the rules
of the TSX). 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 249,556 common shares,
which represents 25% of the average daily trading volume on the TSX
for the six months ended October 31, 2019.
Trevali has also renewed its automatic share
purchase plan (“ASPP”) with its designated broker to allow for the
repurchase of shares under the NCIB, once effective, at times when
Trevali would ordinarily not be permitted to purchase shares due to
regulatory restrictions and customary self-imposed blackout
periods. Before entering a blackout period, the Company may, but is
not required to, instruct the designated broker to make purchases
under the NCIB in accordance with the terms of the ASPP. Such
purchases will be determined by the designated broker at its sole
discretion based on purchasing parameters set by Trevali in
accordance with the rules of the TSX, applicable securities laws
and the terms of the ASPP. Outside of these black-out
periods, common shares will be purchasable by Trevali at its
discretion under its NCIB, once effective.
The ASPP will commence on the effective date of
the NCIB and will terminate on the earliest of the date on which:
(i) the purchase limit under the NCIB has been reached; (ii) the
NCIB expires; and (iii) the Company terminates the ASPP in
accordance with its terms. The ASPP constitutes an “automatic
securities purchase plan” under applicable Canadian securities
laws.
Under its previous NCIB, Trevali purchased a
total of 28,634,500 common shares (of a maximum of 40,000,000
common shares) for cancellation at a weighted average price of
$0.31 per share, through the facilities of the TSX and alternative
Canadian trading systems. As of November 27, 2019, there are
802,561,585 common shares outstanding.
OUR BUSINESS
Trevali is a global base-metals mining company,
headquartered in Vancouver, Canada. The bulk of Trevali’s revenue
is generated from base-metals mining at its four operational
assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned
Rosh Pinah Mine in Namibia, the wholly-owned Caribou Mine in
northern New Brunswick, Canada and the wholly-owned Santander Mine
in Peru. In addition, Trevali owns the Halfmile and Stratmat
Properties and the Restigouche Deposit in New Brunswick, Canada,
and the past-producing Ruttan Mine in northern Manitoba, Canada.
Trevali also owns an effective 44%- interest in the Gergarub
Project in Namibia, as well as an option to acquire a 100% interest
in the Heath Steele deposit located in New Brunswick, Canada. The
shares of Trevali are listed on the TSX (symbol TV), the OTCQX
(symbol TREVF), the Lima Stock Exchange (symbol TV), and the
Frankfurt Exchange (symbol 4TI). For further details on Trevali,
readers are referred to the Company’s website (www.trevali.com) and
to Canadian regulatory filings on SEDAR at www.sedar.com.
Investor Relations Information
Brendan Creaney – Vice President, Investor Relations
Email: bcreaney@trevali.com Phone: +1 (604) 638-5623
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking
information” within the meaning of the Canadian securities
legislation and “forward-looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995
(collectively, “forward-looking statements”). Forward-looking
statements are based on the beliefs, expectations and opinions of
management of the Company as of the date the statement are
published, and the Company assumes no obligation to update any
forward-looking statement, except as required by law.
Forward-looking statements express, as at the date of this news
release, the Company’s plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results. Such
forward-looking statements and information include, but are not
limited to, statements as to the Company’s intentions regarding the
normal course issuer bid, and the number of common shares that
might be purchased by the Company under the normal course issuer
bid and the terms and conditions of any such purchases.
These statements reflect the Company’s current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. If any assumptions are untrue, it could cause
actual results, performance or achievements to be materially
different from future results, performance or achievements
expressed or implied by such statements. Assumptions have been made
regarding, among other things, present and future business
strategies and the environment in which the Company will operate in
the future, including commodity prices, anticipated costs and
ability to achieve goals. By their very nature, forward-looking
statements involve 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
the forward-looking statements. Such factors include, among others,
the ability to acquire common shares in the market through the
normal course issuer bid and in compliance with regulatory
requirements; share price volatility; availability of funds to
purchase shares under the normal course issuer bid, as well as
other risks as more fully described in the Company’s annual
information form, interim and annual audited consolidated financial
statements and management’s discussion and analysis of those
statements, all of which are filed and available for review under
the Company’s profile on SEDAR at www.sedar.com. 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, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Trevali provides no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events may differ from those anticipated
in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
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