TORONTO, ONTARIO--(Marketwire - March 22, 2013) - Goodman Gold Trust (the "Trust") (TSX:CMP.UN), managed by Goodman Investment Counsel Inc. ("GIC") announced today receipt of regulatory approval respecting its intention to continue its normal course issuer bid (the "Bid"). The Bid of up to 429,268 trust units of the Trust (the "Trust Units") represents approximately 10% of the public float of the Trust and will be exercised through the facilities of the Toronto Stock Exchange ("TSX"). The Trust under its previous normal course issuer bid purchased 5,000 trust units with an average weighted price of $8.78. As of March 19, 2013, the public float of the Trust was 4,292,684 Trust Units and the Trust had 8,311,578 Trust Units issued and outstanding.
The Trust Units may be purchased for cancellation commencing on March 25, 2013 through to March 24, 2014 through the facilities of the TSX and may be purchased when the net asset value per Trust Unit exceeds its trading price. Pursuant to TSX policies, the Fund will not purchase during any 30 day period more than 166,231 Trust Units which represents 2% of the Trust Units outstanding.
The purpose of the normal course issuer bid is to provide value to the Trust through purchases made at a discount to the NAV per Trust Unit. As of March 22, 2013, the NAV of the Trust was $8.65 per trust unit and the closing trading price was $7.57 per trust unit (representing a discount of approximately 12.5% when measured against the NAV per trust unit).