Dynacor Gold Mines Inc.

Dynacor Gold Mines Inc.

October 03, 2014 14:21 ET

Dynacor Announces Normal Course Issuer Bid Share Buyback Program

MONTREAL, QUEBEC--(Marketwired - Oct. 3, 2014) - Dynacor Gold Mines Inc. (TSX:DNG)(OTC:DNGDF) ("Dynacor" or the "Corporation") is pleased to announce that the Toronto Stock Exchange has approved the Corporation's request to establish a normal course issuer bid share buyback program, through which Dynacor may purchase, for cancellation, up to 1,829,751 or approximately 5% of its outstanding common shares as of September 30, 2014.

The Corporation may purchase shares under the normal course issuer bid over the 12 month period beginning October 7, 2014 and ending October 6, 2015, when the bid expires. Purchases may be made through the facilities of the TSX, and the price for any repurchased shares will be the prevailing market price at the time of the acquisition. All shares purchased by the Corporation will be cancelled. The amount of shares repurchased on any given day may not exceed 12,459 common shares, which is equal to 25% of the average daily trading volume on the TSX for the six month period ending September 30, 2014 except where purchases are made in accordance with the "block purchase exception" of the TSX rules. The average daily volume for this period was calculated in accordance with the rules of the TSX and is equal to 49,839 shares.

The normal course issuer bid represents a proper utilization of Dynacor's available funds as part of the Corporation's capital management strategy and is being established to enhance shareholder value.

The extent to which Dynacor repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Dynacor's management team. The purchases will be funded from existing cash balances.

About Dynacor Gold Mines Inc.

Dynacor is a gold and silver ore processing and a gold exploration and mining Corporation active in Peru through its subsidiaries since 1996. The Corporation differentiates itself from pure exploration companies as it also generates income and cash flow from its wholly owned gold ore processing plant in Peru. The Corporation's assets include three exploration properties, including the Tumipampa property, as well as its now 250 tpd gold and silver ore processing mill at Huanca. Dynacor's mill produces gold from the processing of ore purchased from many registered miners. Dynacor's strength and competitive advantage comes with the experience, knowledge and the procurement network expertise the Corporation has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.


Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.

Dynacor Gold Mines Inc. (TSX:DNG)

Website: http://www.dynacor.com

Twitter: http://twitter.com/DynacorGold

Facebook: facebook.com/DynacorGoldMines

Shares outstanding at September 30, 2014: 36,595,011

Contact Information

  • Jean Martineau
    President and CEO
    Dynacor Gold Mines Inc.
    514-393-9000 ext. 228

    Dale Nejmeldeen
    Investor Relations
    Dynacor Gold Mines Inc.
    T: 604.492.0099 | M: 604.562.1348