VANCOUVER, BC, Dec. 6, 2023 /PRNewswire/ -- (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining"
or the "Company") announces that the Toronto Stock Exchange (the
"TSX") has accepted the notice of Lundin Mining's intention to
renew its normal course issuer bid (the "NCIB").
The Company intends to continue to utilize the NCIB at its
discretion to make opportunistic purchases to create shareholder
value and manage the number of outstanding common shares of the
Company (the "Common Shares").
This approval allows the Company to purchase up to 52,538,870
Common Shares, representing 10% of the 773,494,324 issued and
outstanding Common Shares as of November 30,
2023, minus those Common Shares beneficially owned, or over
which control or direction is exercised by the Company, the senior
officers and directors of the Company and every shareholder who
owns or exercises control or direction over more than 10% of the
outstanding Common Shares, over a period of twelve months
commencing on December 11, 2023. The
NCIB will expire no later than December 10,
2024.
All purchases made pursuant to the NCIB will be made on the open
market through the facilities of the TSX, other designated
exchanges and/or alternative Canadian trading systems or by such
other means as may be permitted by applicable securities laws. 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 564,097 Common Shares, which represents 25%
of the average daily trading volume of 2,256,389 Common Shares on
the TSX for the six months ended November
30, 2023. The price that Lundin Mining will pay for Common
Shares in open market transactions will be the market price at the
time of purchase.
In connection with the NCIB renewal, Lundin Mining entered into
an automatic share purchase plan ("ASPP") with its designated
broker to allow for the repurchase of Common Shares at times when
the Company ordinarily would not be active in the market due to its
own internal trading blackout periods, insider trading rules or
otherwise (any such period being a "Blackout Period"). 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 plan. At this time the Company
has not instructed the broker to actively repurchase Common Shares
of the Company. Purchases made pursuant to the plan, if any, will
be made by the Company's designated broker based upon the
parameters prescribed by the TSX, applicable Canadian securities
laws and the terms of the written agreement entered between the
Company and its designated broker. Outside of these Blackout
Periods, Common Shares will be purchasable by Lundin Mining at its
discretion under its NCIB.
The ASPP 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 ASPP otherwise terminates in accordance
with its terms. The ASPP constitutes an "automatic plan" for
purposes of applicable Canadian securities legislation and the
agreement governing the plan has been pre-cleared by the TSX.
The actual number of Common Shares that may be purchased and the
timing of such purchases will be determined by the Company.
Decisions regarding purchases will be based on market conditions,
share price, best use of available cash, and other factors. Any
Common Shares that are purchased under the NCIB will be
cancelled.
Under the Company's current NCIB that commenced on December 9, 2022 and expires on December 8, 2023, the Company previously sought
and received approval from the TSX to purchase up to 65,313,173
Common Shares. As of November 30,
2023, the Company has purchased nil Common Shares under its
current NCIB through open market transactions.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the Swedish Financial
Instruments Trading Act. The information was submitted for
publication, through the agency of the contact persons set out
below on December 6, 2023 at
5:30 pm Eastern Time.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements with respect to Lundin Mining's proposed normal course
issuer bid, the Company's pre-defined plan with its broker to allow
for the repurchase of Common Shares and the timing, number and
price of Common Shares that may be purchased under the normal
course issuer bid. Words such as "believe", "expect", "anticipate",
"contemplate", "target", "plan", "goal", "aim", "intend",
"continue", "budget", "estimate", "may", "will", "can", "could",
"should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management; assumed and future price of
copper, zinc, gold, nickel and other metals; anticipated costs;
ability to achieve goals; the prompt and effective integration of
acquisitions; that the political environment in which the Company
operates will continue to support the development and operation of
mining projects; the Common Shares will, from time to time, trade
below their value; the Company will complete purchases of Common
Shares pursuant to the NCIB; and assumptions related to the factors
set forth below. While these factors and assumptions are considered
reasonable by Lundin Mining as at the date of this document in
light of management's experience and perception of current
conditions and expected developments, these statements are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: the market price of the
Common Shares being too high to ensure that purchases benefit the
Company and its shareholders; and other risks and uncertainties,
including but not limited to those described in the "Risk and
Uncertainties" section of the Annual Information Form and the
"Managing Risks" section of the Company's MD&A for the year
ended December 31, 2022, which are
available on SEDAR+ at www.sedarplus.ca under the Company's
profile. All of the forward-looking statements made in this
document are qualified by these cautionary statements. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
There can be no assurance that the Common Shares will, from time to
time, trade below their value and that the Company will complete
purchases of Common Shares pursuant to the NCIB. Accordingly, there
can be no assurance that forward-looking information will prove to
be accurate and forward-looking information is not a guarantee of
future performance. Readers are advised not to place undue reliance
on forward-looking information. The forward-looking information
contained herein speaks only as of the date of this document. The
Company disclaims any intention or obligation to update or revise
forward-looking information or to explain any material difference
between such and subsequent actual events, except as required by
applicable law.
Stephen Williams, Vice President,
Investor Relations: +1 604 806 3074; Robert
Eriksson, Investor Relations Sweden: +46 8 440 54 50
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