Altus Minerals Renews Normal Course Issuer Bid
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius”) (TSX: ALS; OTCQX: ATUSF) is pleased to announce that it has renewed its Normal Course Issuer Bid (“NCIB”) and it may purchase at market price up to 1,779,103 common shares (“Shares”), being approximately 4.2% of the 42,783,796 common shares issued and outstanding as of August 14 2019, by way of an NCIB through the facilities of the Toronto Stock Exchange (“TSX”). The bid is subject to regulatory approval. The NCIB will commence August 22, 2019 and will end no later than August 21, 2020. Any Shares purchased during the NCIB period will be cancelled and returned to treasury.
The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of 11,359 Shares under the NCIB. From August 22, 2018 to August 14, 2019, Altius purchased a total of 380,600 Shares through market purchases on the TSX at a weighted average price of $12.25 per Share, while its approval allowed for it to purchase a maximum of 814,972 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 market price of the Shares and accordingly the acquisition of Shares under the NCIB represents an appropriate use of funds. Altius has had an active NCIB program every year since 2010.
Altius directly and indirectly holds diversified royalties and streams which generate revenue from 15 operating mines. These producing royalties are located in Canada and Brazil and provide exposure to copper, zinc, nickel, cobalt, iron ore, potash, thermal (electrical) and metallurgical coal. The portfolio also includes development stage royalties in copper and renewable energy and numerous predevelopment stage royalties covering a wide spectrum of mineral commodities and jurisdictions.
Altius also holds a portfolio of junior equities that were generated from vending exploration projects to industry partners in exchange for minority equity interests and new royalties. Altius has 42,783,796 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.