Altius Minerals Re-Establishes Normal Course Issuer Bid
ST. JOHN'S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius”) is pleased to announce that it has renewed its Normal Course Issuer Bid (“NCIB”) and it may purchase at market price up to 814,972 common shares (“Shares”), being 1.89% of its 43,215,026 issued and outstanding shares as of August 10, 2018, by way of a normal course issuer bid (“NCIB”) through the facilities of the Toronto Stock Exchange (“TSX”). The bid is subject to regulatory approval. The NCIB will commence August 22, 2018 and will end no later than August 21, 2019. Any Shares purchased during the NCIB will be cancelled and returned to treasury.
The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of 10,558 Shares under the NCIB. During the previous 12 months, Altius purchased a total of 48,400 shares through market purchases on the Toronto Stock Exchange at a weighted average price of $12.45 per share while its approval allowed for it to purchase up to a maximum of 2,038,535 shares. The reason for the NCIB is that, in the opinion of the board of directors, the value of Altius, based on anticipated cash flows and underlying asset values, is from time to time greater than the then aggregate market price of the Shares and accordingly the acquisition of Shares under the NCIB represents an appropriate use of funds.
Altius directly and indirectly holds diversified royalties and streams which generate revenue from 15 operating mines. These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash and thermal (electrical) and metallurgical coal. The portfolio also includes numerous pre-development stage royalties covering a wide spectrum of mineral commodities and jurisdictions. It also holds a large portfolio of exploration stage projects which it has generated for deal making with industry partners that results in newly created royalties and equity and minority interests.
Altius is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.