17:15:10 EDT Mon 02 Aug 2021
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or Name

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Victoria Gold Corp (2)
Symbol VGCX
Shares Issued 62,449,874
Close 2021-05-27 C$ 17.69
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Victoria Gold to buy back up to 3.12 million shares

2021-05-27 11:34 ET - News Release

Mr. John McConnell reports


Victoria Gold Corp. intends to complete a normal course issuer bid. The company has received approval from the Toronto Stock Exchange to purchase for cancellation, from time to time over a 12-month period, common shares of the company listed on the TSX in an aggregate amount of up to 3,122,493 common shares.

Purchases for cancellation under the NCIB program may commence on June 1, 2021, and will terminate on May 31, 2022, or on such earlier date as the NCIB program is complete. Purchases of common shares under the NCIB program will be made through the facilities of the TSX and other alternative Canadian trading systems, in accordance with the rules of the TSX. On the date of approval, the average daily trading volume (ADTV) of the common shares for the previous six calendar months was 266,191 common shares. Subject to the TSX's block purchase exception, on any trading day, purchases under the NCIB program will not exceed 66,547 common shares (25 per cent of the ADTV). The price that the company will pay for any common shares purchased under the NCIB program will be the prevailing market price at the time of purchase. Any common shares purchased by the company will be cancelled.

As of May 25, 2021, there were 62,449,874 common shares issued and outstanding. The 3,122,493 common shares that may be repurchased under the NCIB program represent 5 per cent of the common shares issued and outstanding. The actual number of common shares repurchased under the NCIB program and the timing of such repurchases will be at Victoria's discretion and shall be subject to the limitations set out in the TSX company manual.

The board of directors of Victoria believes that the underlying value of the company may not be reflected in the market price of the common shares from time to time and that, accordingly, the purchase of common shares will increase the proportionate interest in the company of, and be advantageous to, all remaining shareholders of the company.

To the knowledge of the company, no director, senior officer or other insider of the company currently intends to sell any common shares under the NCIB program. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these purchases under the NCIB program. If, during the course of the NCIB program, the company becomes aware that such persons intend to sell their common shares, then the company will not intentionally acquire such common shares pursuant to the NCIB program. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.

Victoria has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB program on its behalf.

We seek Safe Harbor.

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