Goldmoney Inc. Announces Approval to Amend Normal Course Issuer BidFeb 16, 2023
TORONTO – (February 16, 2023) – Goldmoney Inc. (TSX:XAU) (“Goldmoney” or the “Company”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to amend its normal course issuer bid (“NCIB”). The amendment is effective as of February 21, 2023, and increases the maximum number of common shares (the “Common Shares”) of the Company that may be repurchased, from 3,700,000 Common Shares representing approximately 4.9% of the Company's issued and outstanding Common Shares as at August 17, 2022 to 5,487,786 Common Shares, representing approximately 10% of the Company's ‘public float’ as at August 17, 2022.
Daily repurchases will be limited to a maximum of 6,507 Common Shares, representing 25% of the average daily trading volume for the six months ended July 31, 2022 (being 26,031 Common Shares), except where purchases are made in accordance with the "block purchase exception" of the TSX rules. No other terms of the NCIB have been amended.
Purchases under the NCIB began on August 30, 2022 and will terminate no later than August 29, 2023, and are made by way of normal course purchases effected through the facilities of the TSX or alternative Canadian trading systems. Goldmoney reserves the right to terminate the NCIB earlier if it feels that it is appropriate to do so. Under its current NCIB, as of February 10, 2023, the Company has repurchased 832,014 Common Shares, at a weighted-average price of $1.76.
In deciding to amend the NCIB, the Board of directors believes that the market price of the Common Shares may not, from time to time, fully reflect their long-term value. Accordingly, the purchase of the Common Shares under the amended NCIB is in the best interests of the Company and an attractive and appropriate use of available funds. Although the Company has a present intention to acquire its Common Shares pursuant to the NCIB, the Company will not be obligated to make any purchases and purchases may be suspended by the Company at any time.
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a precious metal-focused global business. Through its ownership of various operating subsidiaries, the Company is engaged in precious metal sales to its clients, including arranging delivery and storage of precious metals for its clients and coin retailing. Goldmoney clients located in over 100 countries hold over $2 billion in precious metal and fiat currency assets. The Company’s operating subsidiaries include: Goldmoney.com, SchiffGold.com and Totenpass. In addition to the Company’s principal business segments, the Company holds a significant interest in Menē Inc., which crafts pure 24-karat gold and platinum investment jewelry that is sold by gram weight. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals. For more information about Goldmoney, visit goldmoney.com.
This news release contains or refers to certain forward‐looking information often be identified by forward‐looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. (the “Company”) believes, expects or anticipates will or may occur in the future, is forward looking information. Forward‐looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward‐looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward‐looking information will not occur. Such forward‐looking information in this release speak only as of the date hereof.
Forward‐looking information in this release includes, but is not limited to, statements with respect to: statements about the board of directors of the Company’s belief that the NCIB is advantageous to shareholders and that underlying value of the Company may not be reflected in the market price of the common shares and whether the Company will purchase any common shares under the NCIB. This forward‐looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves 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 information. Such factors include, among others: the Company’s limited operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the impact and spread of infectious diseases, including COVID-19; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking information. The Company undertakes no obligation to update or revise any forward‐looking information, except as required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Media and Investor Relations inquiries:
Director of Global Communications
Chief Financial Officer
+1 647 250 7098