- The TSX has accepted Xtra-Gold’s Notice of Intention to renew its prior normal course issuer bid for an additional one-year period
- The company will purchase up to 4,000,000 common shares for cancellation
- The 2021 Bid will commence on March 16 and will terminate on March 15, 2022
- Haywood Securities Inc. will act as a broker
- Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt, in Ghana West Africa
- Xtra-Gold Resources Corp. (XTG) is unchanged, trading at C$1.17 per share at 9:45 am EST
The TSX has accepted Xtra-Gold’s application to renew its prior normal course issuer bid for an additional one-year period.
The company intends to proceed with a normal course issuer bid to purchase up to 4,000,000 common shares for cancellation.
Xtra-Gold believes that the current market price of its common shares may not fully reflect the underlying value of its business and future business prospects. The company believes that the purchase of common shares for cancellation will increase shareholders’ equity interest in the company.
As of March 9, 2021, Xtra-Gold has 46,869,917 common shares issued and outstanding.
The 4,000,000 common shares that may be purchased by the company under the 2021 Bid represent approximately 10% of the company’s public float.
The 2021 Bid will commence on March 16thand will terminate on March 15, 2022 or earlier if the number of shares sought in the 2021 Bid has been repurchased.
The company reserves the right to terminate the 2021 Bid earlier if it feels that it is appropriate to do so.
All shares will be purchased on the open market through the facilities of the TSX, and payment for the common shares will be in accordance with TSX policies.
The price paid for the common shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the 2021 Bid.
The maximum number of common shares that may be purchased on a daily basis is 8,207 common shares, representing 25% of the average daily trading volume for the last six calendar months. The common shares purchased by the company will be cancelled.
Haywood Securities Inc. will act as a broker through which the 2021 Bid will be conducted.
Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt, in Ghana West Africa.
Xtra-Gold Resources Corp. (XTG) is unchanged, trading at C$1.17 per share at 9:45 am EST.
