(All dollar amounts are in US dollars unless otherwise specified.)
TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K, NYSE: KGC) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to amend its normal course issuer bid (“NCB”) program effective October 4, 2022.
The amendment increases the maximum number of ordinary shares that may be repurchased to 65,002,277 of its ordinary shares (out of the 1,300,045,558 ordinary shares outstanding as of July 27, 2022) representing 5% of the issued and outstanding ordinary shares of the Company , to 114,047,070 of its ordinary shares, representing 10% of the Company’s “public float” as of July 27, 2022.
Purchases under the tender offer began on August 3, 2022 and will end no later than August 2, 2023. Under its current tender offer, Kinross has purchased for cancellation a total of 14,657 908 common shares from August 3, 2022 until September 27, 2022.
The amendment to the tender offer is being made pursuant to the enhanced share repurchase program announced by the Company on September 19, 2022 and is consistent with the Company’s view that the market price of the Common Shares may, from time to time, otherwise, fully reflect their value and, therefore, the purchase of Common Shares would be in the best interests of the Company and would be an attractive and appropriate use of available funds. Kinross is committed to improving shareholder returns through programs such as share buyback and its quarterly dividend, which build on the company’s investment-grade balance sheet, strong free cash flow position and the growing production profile of its global portfolio.
Kinross may make purchases through the facilities of the TSX, New York Stock Exchange (the “NYSE”) and/or other Canadian trading systems, if eligible, or through any other permitted means. by the Ontario Securities Commission, Securities Regulators and Governing Law. Daily redemptions on the TSX will be limited to a maximum of 1,158,750 common shares, representing 25% of the average daily trading volume for the six months ended June 30, 2022 (i.e. 4,635,002 common shares), except when purchases are made in accordance with the “bulk purchase exception” of the TSX rules. Subject to certain exceptions for bulk purchases, the maximum number of common shares that may be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase. All shares purchased by the Company under the NCIB program will be cancelled.
Purchases will be made by the Company in accordance with the requirements of the TSX and/or NYSE and the price the Company will pay for such common shares will be the market price of such common shares at the time of acquisition, or such other price authorized by the TSX and/or the NYSE. As part of the amended issuer bid program, the Company has entered into a modified automatic repurchase program with its designated broker to permit the repurchase of its common shares during certain predetermined blackout periods, subject to certain parameters as to at the price and number of ordinary shares. Outside of these pre-determined blackout periods, Common Shares will be redeemed at management’s discretion, subject to applicable law.
Although the Company currently intends to acquire its common shares under the issuer bid program, the Company will not be obligated to make any purchases and the purchases may be suspended by the Company at any time. .
About Kinross Gold Corporation
Kinross is a leading global gold mining company based in Canada with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. We are focused on creating value based on the fundamental principles of responsible mining, operational excellence, disciplined growth and balance sheet strength. Kinross is listed on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Manager, Corporate Communications
Vice President, Investor Relations
Caution regarding forward-looking information
All statements, other than statements of historical facts, contained or incorporated by reference in this press release, including, but not limited to, any information relating to the future financial or operational performance of Kinross, constitute “information forward-looking information” or “forward-looking information”. forward-looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995 of the United States. United States and are based on expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include, but are not limited to, those relating to potential purchases under the company’s tender offer. The words “anticipate”, “continue”, “estimate”, “expect”, “plan”, “direction”, “intend”, “outlook”, “progress”, “potential”, ” establish priorities”, or variations of or similar such words and phrases or statements that certain actions, events or results can, might, should or will be carried out, received or taken, or will occur or result and such similar expressions identify statements prospective. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although believed to be reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Kinross’ estimates, models and assumptions referenced, contained or incorporated by reference in this press release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our MD&A. (“MD&A”) for the year ended December 31, 2021 and Annual Information Form dated March 31, 2022. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. These factors include , but are not limited to: the inaccuracy of any of the foregoing assumptions Many of these uncertainties and contingencies may directly or indirectly affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied. -heard in forward-looking statements made by or on behalf of Kinross, including, but not limited to, impairment of goodwill isition and/or assets. 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. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans regarding the future. All forward-looking statements made in this press release are qualified by this cautionary statement and those made in our other filings with securities regulatory authorities in Canada and the United States, including, but not limited to , the caveats set forth in the “Analysis” of our MD&A for the fiscal year ended December 31, 2021 and Annual Information Form dated March 31, 2022. These factors are not intended to represent a complete list of factors that may have an impact on Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material differences between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Source: Kinross Gold Corporation