TSX: ELD NYSE: EGO
VANCOUVER, Dec. 19, 2016 /PRNewswire/ - Eldorado Gold
Corporation ("Eldorado" "the Company" or "We") announced that
further to the news release dated June 7,
2016, the Toronto Stock Exchange (the "TSX") has accepted
for filing the Company's revised Notice in respect of a normal
course issuer bid (the "NCIB"). The NCIB has been revised to
permit the bid to be transacted through the facilities of the TSX
and also through alternate Canadian trading systems.
Pursuant to the NCIB, Eldorado
may purchase up to 2,081,168 of its common shares (the "Shares")
representing approximately 0.30% of the total 716,587,134 Shares of
the Company's issued and outstanding as at November 28, 2016. Purchases will be made at
prevailing market prices commencing June 13, 2016 and ending
June 12, 2017. Pursuant to TSX
policies, daily purchases of Shares made through the facilities of
the TSX will not exceed 981,423 Shares representing 25% of the
average daily trading volume of 3,925,691 Shares subject to certain
prescribed exemptions.
As announced previously, from May 27,
2015 and ending May 26, 2016,
Eldorado did not purchase any
Shares under its prior NCIB.
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 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.
About Eldorado Gold
Eldorado is a leading low cost
gold producer with mining, development and exploration operations
in Turkey, Greece, Serbia, Romania and Brazil. The Company's
success to date is based on a low cost strategy, a highly skilled
and dedicated workforce, safe and responsible operations, and
long-term partnerships with the communities where it
operates. Eldorado's common
shares trade on the Toronto Stock Exchange (TSX: ELD) and the New
York Stock Exchange (NYSE: EGO).
Certain of the statements made herein may contain
forward-looking statements or information within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. Often, but not always,
forward-looking statements and forward-looking information can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
or information herein include, but are not limited, to statements
or information with respect to the Company's renewal of its Normal
Course Issuer Bid ("NCIB").
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions about
the forward-looking statements and information, including the
ability to acquire Shares in the market through the NCIB and in
compliance with regulatory requirements, the political and economic
environment that we operate in, the future price of commodities,
anticipated costs and expenses and the impact of the disposition on
the Company's business. Although our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statements or information will prove to be
accurate. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the following: the ability to acquire shares through the NCIB;
political, economic, environmental and permitting risks, regulatory
restrictions, gold price volatility, discrepancies between actual
and estimated production, estimated mineral reserves and resources
and metallurgical recoveries; mining operational and development
risks, litigation risks, regulatory restrictions, including
environmental and permitting regulatory restrictions and
liabilities, internal and external approval risks, risks of
sovereign investment, and impact of the completion of the sale of
our interests in the Jinfeng, Tanjianshan and White Mountain Mines
and the Eastern Dragon Development Project on the Company;
assumptions about the completion of post-closing conditions of the
China National Gold and Yintai Transactions, including liability
and timing of meeting the closing conditions; changes in the use of
proceeds; currency fluctuations; speculative nature of gold
exploration, global economic climate; dilution, share price
volatility; competition, loss of key employees, additional funding
requirements, and defective title to mineral claims or property, as
well as those factors discussed in the sections entitled
"Forward-Looking Statements" and "Risk Factors" in the Company's
Annual Information Form & Form 40-F dated March 30, 2016.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except
as required by law, we do not expect to update forward-looking
statements and information continually as conditions change and you
are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities
regulatory authorities in Canada
and the U.S.
All forward looking statements and information contained in
this News Release are qualified by this cautionary
statement.
SOURCE Eldorado Gold Corporation