Goldmoney Inc. Announces Normal Course Issuer BidJul 20, 2020
TORONTO – (July 20, 2020) – Goldmoney Inc. (TSX:XAU) (“Goldmoney” or the “Company”) announces acceptance by the Toronto Stock Exchange (the “TSX”) of Goldmoney’s Notice of Intention to make a normal course issuer bid (the “NCIB”) to purchase for cancellation 752,049 common shares ( the “Shares”) of Goldmoney, representing 1% of the issued and outstanding common shares as at July 16, 2020.
On July 13, 2020, the Company announced an exempt issuer bid whereby it repurchased for cancellation 3,000,000 common shares from Roy Sebag, an executive officer and director of Goldmoney. As a result of this purchase and cancellation of 3,000,000 common shares the Company has approximately 75,040,980 common shares issued and outstanding as at July 16, 2020.
The NCIB will commence on July 22, 2020 and will terminate on July 21, 2021 or at such earlier date if the number of Shares sought in the NCIB has been repurchased. Goldmoney reserves the right to terminate the NCIB earlier if it feels that it is appropriate to do so.
All Shares will be purchased on the open market through the facilities of the TSX as well as on alternative Canadian trading systems at prevailing market rates and any Shares purchased by Goldmoney will be cancelled. The actual number of Shares that may be purchased and the timing of any such purchases will be determined by Goldmoney. Any purchases made by Goldmoney pursuant to the NCIB will be made in accordance with the rules and policies of the TSX.
During the most recently completed six month period, the average daily trading volume for the common shares of Goldmoney on the TSX was 100,569 common shares. Consequently, under the policies of the TSX, Goldmoney will have the right to repurchase under its NCIB, during any one trading day, a maximum of 25,142 Shares, representing 25% of the average daily trading volume. In addition, Goldmoney will be allowed to make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of Shares not directly or indirectly owned by the insiders of Goldmoney, in accordance with TSX policies. Goldmoney will fund the purchases through available cash.
The Board of Directors believes the underlying value of Goldmoney may not be reflected in the market price of its common shares from time to time and that, at appropriate times, repurchasing the Shares through the NCIB may represent a good use of Goldmoney’s financial resources, as such action can protect and enhance shareholder value when opportunities or volatility arise. Therefore, the Board of Directors has determined that the NCIB is in the best interest of Goldmoney and its shareholders.
Goldmoney obtained TSX approval for a previous notice of intention to conduct a normal course issuer bid to purchase up to 3,000,000 common shares for the period of March 11, 2019 to March 10, 2020. As at the close of trading on March 10, 2020, Goldmoney had repurchased through open market transactions on the TSX and alternative Canadian trading systems a total of 319,300 common shares at a weighted average price of $2.02 pursuant to its previous normal course issuer bid.
About Goldmoney Inc.
Goldmoney Inc. (TSX:XAU) is a precious metal focused financial service and technology company. Through its ownership of various operating subsidiaries, the company is engaged in precious metal investment, custody and storage, jewelry, coin retailing, and lending. Goldmoney manages and oversees in excess of $2.0 billion in assets for clients around the world. The company’s operating subsidiaries include: Goldmoney.com, Menē Inc. (TSXV: MENĒ), SchiffGold.com, and Lend & Borrow Trust. 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; service times for transactions on the Goldmoney network; growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. 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 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.
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