ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Aug. 18, 2016) - Altius Minerals Corporation ("Altius") (TSX:ALS) is pleased to announce that it has re-instated its Normal Course Issuer Bid ("NCIB") and it may purchase at market price up to 2,171,282 common shares ("Shares"), being approximately 5% of its outstanding Shares of 43,425,654 as of August 11, 2016, by way of a normal course issuer bid ("NCIB") through the facilities of the Toronto Stock Exchange ("TSX"). The bid is subject to regulatory approval. The NCIB will commence August 22, 2016 and will end no later than August 21, 2017. Any Shares purchased during the NCIB will be cancelled and returned to treasury.
The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of 14,089 Shares under the NCIB. During the previous 12 months, Altius purchased a total of 100,000 Shares through a prior NCIB at a weighted average price of $8.15 per Share. 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 then aggregate market price of the Shares and accordingly the acquisition of Shares under the NCIB represents an appropriate use of funds.
Altius diversified royalties and streams generate revenue from 14 operating mines largely located throughout Canada, and more recently Brazil, from copper, zinc, nickel, cobalt, precious metals, potash and thermal (electrical) and metallurgical coal. The portfolio also includes numerous pre-development stage royalties covering a wide spectrum of mineral commodities and jurisdictions.
Altius has 43,425,654 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.