Eldorado Gold Announces Renewal of Normal Course Issuer BidEldorado Gold Corporation has added a new press release to its web site. For full details please visit the Eldorado Gold Corporation web site at:
(TSX: ELD) (NYSE: EGO)
VANCOUVER, June 8, 2018 /CNW/ - Eldorado Gold Corporation ("Eldorado" "the Company" or "We") today announced that the Toronto Stock Exchange (the "TSX") has accepted for filing the Company's Notice in respect of a normal course issuer bid (the "NCIB") to be transacted through the facilities of the TSX and also through alternate Canadian trading systems.
Pursuant to the NCIB, Eldorado may purchase its common shares (the "Shares") up to a maximum of 1,742,130, representing approximately 0.2% of the total 794,010,680 Shares of the Company that are issued and outstanding as at the date hereof. Purchases will be made at prevailing market prices commencing June 12, 2018 and ending June 11, 2019. Pursuant to TSX policies, daily purchases of Shares made through the facilities of the TSX will not exceed 597,198 Shares representing 25% of the average daily trading volume of 2,388,795 Shares subject to certain prescribed exemptions.
As announced previously, Eldorado did not purchase any Shares under its prior NCIB covering the period starting June 13, 2016 and ending June 12, 2017.
In 2011, the Company established a Restricted Share Unit Plan ("RSU Plan") for the benefit of designated participants. Designated participants are employees or officers of the Company or a related entity of the Company as the Board may designate from time to time as eligible to participate in the RSU Plan. Under the RSU Plan, vested RSUs are redeemable for Shares, a cash payment equivalent to the value of a Share or a combination of cash or Shares. The RSU Plan provides that Shares available to satisfy such redemption will be acquired on the market. The NCIB is being conducted to acquire the Shares for the purposes of the RSU Plan.
Eldorado has appointed Computershare Trust Company of Canada as the Trustee for the purposes of arranging for the acquisition of the Shares and to hold the shares in trust for the purposes of the RSU Plan as well as deal with other administration matters. Through the trustee, GMP Securities LP ("GMP") has been engaged to undertake purchases under the NCIB for the purposes of the RSU Plan. GMP is required to comply with the TSX NCIB rules in respect of the purchases of Shares through the facilities of the TSX or alternative Canadian trading systems as the Trustee is considered to be a non-independent trustee by the TSX for the purposes of the NCIB rules.
The Shares acquired will be held by the Trustee until the same are required to be transferred to designated participants under the terms of the RSU Plan to satisfy the Company's obligations in respect of redemptions of vested RSUs held by such designated participants.
A copy of the Company's Notice filed with the TSX may be obtained, by any shareholder without charge, by contacting Eldorado's Corporate Secretary.
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