Altius Renews Normal Course Issuer Bid
ST. JOHN’S, Newfoundland and Labrador, August 18, 2023--(BUSINESS WIRE)--Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) ("Altius" or the "Corporation") is pleased to announce that it has renewed its Normal Course Issuer Bid ("NCIB") by which it may purchase at market price up to 1,996,856 common shares ("Shares"), being approximately 4.21% of the 47,430,043 common shares issued and outstanding as of August 11, 2023, through the facilities of the Toronto Stock Exchange ("TSX") or a Canadian alternative trading system. The bid is subject to regulatory approval. The NCIB will commence August 22, 2023 and will end no later than August 21, 2024. Any Shares purchased during the NCIB will be cancelled and returned to treasury.
The TSX rules permit Altius to purchase daily, through TSX facilities or approved alternative trading systems, a maximum of 18,544 Shares under the NCIB, being approximately 25% of the average daily trading volume (ADTV) of 74,177 shares in the preceding six calendar months of trading prior to the bid. Under its current NCIB, which commenced on August 22, 2022 and will terminate on August 21, 2023, Altius has purchased, as of August 11, 2023, a total of 312,800 Shares through market purchases on the TSX at a weighted average price of $20.32 per Share, while its approval allowed for it to purchase a maximum number of 1,698,481 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.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 47,430,043 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230817307475/en/
Contacts
For further information:
Chad Wells
Email: Cwells@altiusminerals.com
Tel: 1.877.576.2209
Flora Wood
Email: Fwood@altiusminerals.com
Tel: 1.877.576.2209
Direct: 1.416.346.9020
