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All amounts are in United States dollars, unless otherwise stated.
TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today announced that it has filed with, and received acceptance from the Toronto Stock Exchange (“TSX”) of, a Notice of Intention to make a Normal Course Issuer Bid permitting Alamos to purchase for cancellation up to 18,605,661 Class A Common Shares (“Common Shares”), representing 5% of the Company’s public float of the Common Shares, outstanding as at December 13, 2024. This represents approximately 4.4% of the Company’s total issued and outstanding Common Shares, as at December 13, 2024. The Company’s public float was 372,113,224 Common Shares and total issued and outstanding Common Shares was 420,282,115 Common Shares.
Alamos may purchase Common Shares under the Normal Course Issuer Bid over the twelve-month period beginning December 24, 2024 and ending December 23, 2025. Any purchases made under the Normal Course Issuer Bid will be effected through the facilities of the TSX, alternative Canadian trading systems and/or the New York Stock Exchange. The maximum number of Common Shares that Alamos may purchase on the TSX on a daily basis, other than pursuant to block purchase exceptions, is 191,171 Common Shares.
The price for any repurchased Common Shares will be the prevailing market price at the time of the purchase. All Common Shares purchased by Alamos will be cancelled. Purchase and payment for the Common Shares will be made by Alamos in accordance with the requirements of the TSX and applicable securities laws.
A Normal Course Issuer Bid is being undertaken as the Company and its Board of Directors believe the price of its Common Shares from time to time to be not reflective of the underlying value of the Company. The Company believes it is advantageous to its shareholders to engage in repurchases of Common Shares, from time to time, when they are trading at prices which reflect a discount from their value by increasing the proportionate share of ownership of the Company to remaining shareholders. Under its previous Normal Course Issuer Bid which commenced on December 24, 2023 and will terminate on December 23, 2024, Alamos sought the purchase of up to 34,485,405 Common Shares and no purchases were made.
About Alamos
Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Young-Davidson mine and Island Gold District in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.