8th Floor, Royal Trust House, 54
Jermyn Street, London. SW1Y 6LX. United Kingdom
Telephone: + 44 (0)20 7629
7772 Facsimile: + 44 (0)20 7629 7773
E mail:
griffin@griffinmining.com
Cancellation of Shares and
Share Buy Back Programme
26th February
2024
Cancellation of shares
The directors have resolved to
cancel 10,297,943 shares purchased under the share buy back
programmes currently held in treasury. Following the
cancellation of these shares there will be 184,530,477 ordinary
shares in issue.
Share Buy Back Programme
In light of the undervalued nature
of Griffin Mining Ltd.'s ("the Company") share price, the cash
generated by operations and funds available outside of China to the
Company, the Directors have resolved to renew the share buy-back
programme announced on 25th February 2021 which expired
on 25th February 2024, to return excess monies not
required to meet financial and working capital requirements to
shareholders. Under the new share buy back programme (the "Buy-Back
Programme") the Company will purchase up to
10 million outstanding ordinary shares beginning immediately and up
to a value of $10m for six months, after which the Directors will
consider a further Buy-Back Programme and or other ways of
returning funds to shareholders. This arrangement is in accordance
with the Company's general authority to repurchase
shares.
The Programme will be carried out on
the London Stock Exchange and will be effected within the safe
harbour provisions set out in the Market Abuse Regulation 596/2014
("MAR"), the Commission Delegated Regulation (EU) 2016/1052 and the
applicable laws and regulations of the London Stock
Exchange.
Purchases will be carried out in
compliance with the relevant conditions for trading, restrictions
regarding time and volume, disclosure and reporting obligations,
and price conditions.
The Company will seek to make market
purchases at a price or prices and volume that the Company believes
will be value-enhancing for the Company's shareholders.
Notwithstanding the average daily volume restriction set out in
Article 3(3) of the Commission Delegated Regulation (EU) 2016/1052,
the Company may make purchases in excess of these volume
restrictions, subject to prevailing market conditions and
liquidity.
In addition to the Buy-Back
Programme, the directors reserved the right (subject to compliance
with applicable law) to:
1. purchase large blocks
of shares from individual shareholders where the large number of
such shares offered in the market may cause instability in the
Company's share price; and
2. purchase a larger
number of shares via a tender offer which would be the subject of
further documentation being sent to non-US resident
shareholders.
About Griffin Mining
Limited
Griffin Mining Limited's shares are
quoted on the Alternative Investment Market (AIM) of the London
Stock Exchange (symbol GFM). Griffin Mining
Limited owns and operates in China, through its 88.8% owned Joint
Venture stock company, the Caijiaying Zinc Gold Mine, a profitable
mine producing zinc, gold, silver, and lead metals in concentrates.
For more information, please visit the Company's website
www.griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov -
Chairman
Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance
Director
Panmure Gordon (UK)
Limited
Telephone: +44 (0)20 7886 2500
Dominic Morley
Dougie McLeod
Berenberg
Telephone: +44(0)20 3207 7800
Matthew
Armitt
Jennifer Lee
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018
("MAR").
Griffin Mining Limited's shares are quoted on
the Alternative Investment Market (AIM) of the London Stock
Exchange (symbol GFM).
The
Company's news releases are available on the Company's web
site: www.griffinmining.com