Mr. Brendan Creaney reports
TREVALI ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has accepted a notice filed by Trevali Mining Corp. of its intention to implement a normal course issuer bid.
The NCIB will commence on Dec. 3, 2019, and terminate on the earlier of Dec. 2, 2020, or 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 million common shares under the NCIB (representing approximately 8.5 per cent 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 per cent of the average daily trading volume on the TSX for the six months ended Oct. 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 blackout 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 million common shares) for cancellation at a weighted average price of 31 cents per share, through the facilities of the TSX and alternative Canadian trading systems. As of Nov. 27, 2019, there are 802,561,585 common shares outstanding.
About Trevali Mining Corp.
Trevali is a global base-metals mining company with four mines: the 90-per-cent-owned Perkoa mine in Burkina Faso, the 90-per-cent-owned Rosh Pinah mine in Namibia, the wholly owned Caribou mine in the Bathurst mining camp of northern New Brunswick in Canada and the wholly owned Santander mine in Peru.
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