VANCOUVER, BC, March 26,
2024 /CNW/ - Palisades Goldcorp Ltd. (TSX-V: PALI)
("Palisades" or the "Company") is pleased to announce
that the TSX Venture Exchange ("TSX-V") has accepted the
Company's notice of intention to renew its normal course issuer bid
(the "Renewal NCIB") for common shares in the capital
of the Company ("Common Shares") through the facilities of
the TSX-V.
Pursuant to the Renewal NCIB, the Company may, effective
April 1, 2024, commence making
purchases of up to a maximum of 2,395,198 Common Shares, which
represents approximately 5% of the Company's issued and outstanding
Common Shares. A purchase of Common Shares under the Renewal NCIB
also may not, when aggregated with the total of any other purchases
in the 30 days preceding the purchase, whether through the
facilities of the TSX-V or otherwise, exceed 2% of the total issued
and outstanding Common Shares of the Company at the time the
purchase is made.
The Company believes that the current market price of the Common
Shares does not adequately reflect its underlying value and future
prospects and that the repurchase of Common Shares at current
market prices through the Renewal NCIB is an appropriate use of
corporate funds.
PI Financial Corp. will continue to conduct the NCIB on behalf
of the Company. Any Common Shares acquired under the Renewal NCIB
will be purchased at the market price. All Common Shares acquired
by the Company pursuant to the Renewal NCIB will be cancelled
following purchase.
The Renewal NCIB will terminate on March
31, 2025, unless terminated earlier at the option of the
Company upon prior notice being given to the TSX-V or as of the
date on which the Company shall have acquired all of the Common
Shares sought pursuant to the Renewal NCIB.
There can be no assurance as to the number of Common Shares, if
any, that may be repurchased under the Renewal NCIB or the
aggregate dollar amount expended. The Company may discontinue
purchases at any time, subject to compliance with applicable
regulatory requirements.
Under the Company's initial NCIB, which commenced on
April 1, 2023 and which will expire
on March 31, 2024 (the "Initial
NCIB"), the Company was authorized to purchase for cancellation
up to 2,467,298 Common Shares. As at March
26, 2024, the Company has purchased 1,442,000 of its
previously issued and outstanding Common Shares at a weighted
average price of $2.44 per common
share.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd. is a resource investment company focused
on junior companies in the resource and mining sector. The Company
seeks to acquire equity participation in pre-initial public
offering and early-stage public resource companies with undeveloped
or undervalued high quality projects. The Company focuses on
companies that are in need of financial resources to realize their
full potential, are undervalued in capital markets, and/or operate
in jurisdictions with low to moderate local political risk. The
Company expects to continue to make investments, pursuant to its
dual investment strategy, to achieve broad sector exposure with
upside in the event of appreciation in mineral commodities prices,
while also providing the potential to realize appreciation in net
asset values as a result of discoveries by issuers in which the
Company holds larger positions. The Company is listed on the TSX
Venture Exchange under the stock symbol "PALI". Palisades holds a
diverse portfolio of securities and derivatives, among which it
holds a 24.70% interest in New Found Gold Corp. (TSX-V: NFG).
On behalf of the Board of Directors
"Collin Kettell"
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements:
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation
(collectively, the "forward-looking statements").
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"will", "can", "may", "could", "expects", "plans", "anticipates"
and similar expressions which, by their nature, refer to future
events. Forward-looking statements included herein include, but are
not limited to, statements with respect to the Company purchasing
Common Shares under the Renewal NCIB in the amount contemplated
herein, if at all. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. The Company cautions that
forward-looking statements are based on the beliefs, assumptions,
estimates and opinions of the Company's management on the date the
statements are made, including, with respect to the forward-looking
statements contained herein, the assumption that market price of
the Common Shares will not significantly differ within the next
twelve (12) months so as to render the repurchase of the Common
Shares an inappropriate use of corporate funds. Consequently, there
can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with the
volatility of the Common Shares and global financial conditions,
risks arising from inflation, pandemics, global political disputes
and other disruptions, changes in tax laws, deviation from the
Company's current business model, as well as those risk factors set
out in the Company's long form non-offering prospectus dated
January 20, 2023 available under the
Company's profile under SEDAR+ at
www.sedarplus.ca. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change.
SOURCE Palisades Goldcorp Ltd.