West Vault Mining Inc. announces that the Company intends to renew its Normal Course Issuer Bid (“NCIB”) after its existing NCIB expires on April 10, 2023.
Subject to TSX Venture Exchange (“TSXV”) approval, the Company intends to purchase up to 2.9 million common shares under the terms of the renewed NCIB, representing approximately 5% of the 58,138,670 outstanding common shares of the Company (the “Common Shares”) as of April 3, 2023.
Purchases under the renewed NCIB may commence on about April 11, 2023, and terminate on the earlier of the Company purchasing a total of 2.9 million Common Shares, the Company providing a notice of termination, or on April 10, 2024. All purchases will be made through the facilities of the TSXV at market prices and otherwise in accordance with the rules and policies of the TSXV. All Common Shares acquired by the Company under the renewed NCIB will be subsequently canceled. The price which the Company will pay for any such Common Shares will be the prevailing market price at the time of purchase. The funding for any purchase pursuant to the renewed NCIB will be financed out of the unallocated working capital of the Company. PI Financial Corp. will continue to conduct the renewed NCIB on behalf of the Company. The Company intends to utilize the renewed NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares.
The board of directors of the Company has authorized the renewed NCIB as such purchases constitute, in their opinion, an appropriate use of funds which will benefit both the Company and its shareholders.
Under the existing NCIB, the Company obtained approval to purchase up to 2,904,512 Common Shares and actually purchased 335,000 Common Shares at an average price of approximately $0.98 per Common Share for a total cash consideration of $326,735 through the facilities of the TSXV.
On behalf of the Board of West Vault Mining Inc.
Frank R. Hallam
Chief Financial Officer
For further information please see the Company’s website at www.westvaultmining.com or contact us by email at firstname.lastname@example.org.
Sandy McVey, CEO
(604) 685 8311 / email@example.com