Exhibit 99.1
NEWS
RELEASE
|
TSX:
ELD NYSE: EGO
|
July
9, 2019
|
Eldorado Gold Announces Renewal of Normal Course Issuer
Bid
VANCOUVER
- BC – Eldorado Gold Corporation (“Eldorado”,
“the Company” or “We”) today announced that
the Toronto Stock Exchange (the “TSX”) has accepted for
filing the Company’s Notice in respect of a normal course
issuer bid (the “NCIB”) to be transacted through the
facilities of the TSX and also through alternate Canadian trading
systems.
Pursuant
to the NCIB, Eldorado may purchase up to 1,450,000 of its common
shares (the “Shares”) representing approximately 0.9%
of the total 158,805,581 Shares of the Company that are issued and
outstanding as at the date hereof. Purchases will be made at
prevailing market prices commencing July 11, 2019 and ending July
10, 2020. Pursuant to TSX policies, daily purchases of Shares made
through the facilities of the TSX will not exceed 254,935 Shares
representing 25% of the average daily trading volume of 1,019,741
Shares subject to certain prescribed exemptions.
Eldorado
purchased 1,742,130 Shares at a weighted average price of $1.57220
through the facilities of the TSX and alternate exchanges under its
prior NCIB covering the period starting June 12, 2018 and ending
June 11, 2019. The TSX had approved the purchase of up to 1,742,130
Shares (on a pre-consolidation basis) under the Company’s
prior NCIB.
In
2011, the Company established a Restricted Share Unit Plan
(“RSU Plan”) for the benefit of designated
participants. Designated participants are employees or officers of
the Company or a related entity of the Company as the Board may
designate from time to time as eligible to participate in the RSU
Plan. Under the RSU Plan, vested RSUs are redeemable for Shares, a
cash payment equivalent to the value of a Share or a combination of
cash or Shares. The RSU Plan provides that Shares available to
satisfy such redemption will be acquired on the market. The NCIB is
being conducted to acquire the Shares for the purposes of the RSU
Plan.
Eldorado
has appointed Computershare Trust Company of Canada as the trustee
(the “Trustee”) for the purposes of arranging for the
acquisition of the Shares and to hold the shares in trust for the
purposes of the RSU Plan as well as deal with other administration
matters. Through the trustee, GMP Securities L.P. (the
“Broker”) has been engaged to undertake purchases under
the NCIB for the purposes of the RSU Plan. The Broker will be
required to comply with the TSX NCIB rules in respect of the
purchases of Shares through the facilities of the TSX or
alternative Canadian trading systems as the Trustee is considered
to be a non-independent trustee by the TSX for the purposes of the
NCIB rules.
The
Shares acquired will be held by the Trustee until the same are
required to be transferred to designated participants under the
terms of the RSU Plan to satisfy the Company’s obligations in
respect of redemptions of vested RSUs held by such designated
participants.
A copy
of the Company’s Notice filed with the TSX may be obtained,
by any shareholder without charge, by contacting Eldorado’s
Corporate Secretary.
About Eldorado Gold
Eldorado
is a gold and base metals producer with mining, development and
exploration operations in Turkey, Canada, Greece, Romania, Serbia,
and Brazil. The Company has a highly skilled and dedicated
workforce, safe and responsible operations, a portfolio of
high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contacts
Investor
Relations
Peter
Lekich, Manager Investor Relations
604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
Media
Louise
Burgess, Director Communications & Government
Relations
604.687.4018 or
1.888.353.8166 louiseb@eldoradogold.com
Forward-Looking Statements and Information
Certain of the statements made herein may contain forward-looking
statements or information within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws. Often, but not always, forward-looking
statements and forward-looking information can be identified by the
use of words such as “plans”, “expects”,
“is expected”, “budget”,
“scheduled”, “estimates”,
“forecasts”, “intends”,
“anticipates”, or “believes” or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results
“may”, “could”, “would”,
“might” or “will” be taken, occur or be
achieved. Forward-looking statements or information herein include,
but are not limited, to statements or information with respect to
the Company’s renewal of its Normal Course Issuer Bid
(“NCIB”).
Forward-looking statements and forward-looking information by their
nature are based on assumptions and involve 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
statements or information. We have made certain assumptions about
the forward-looking statements and information, including the
ability to acquire Shares in the market through the NCIB and in
compliance with regulatory requirements. Although our management
believes that the assumptions made and the expectations represented
by such statements or information are reasonable, there can be no
assurance that the forward-looking statements or information will
prove to be accurate. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the following: the ability to acquire shares through the NCIB;
share price volatility; as well as those factors discussed in the
sections entitled “Forward-looking information and
risks” and "Risk factors in our business" in the Company's
Annual Information Form & Form 40-F dated March 29,
2019.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except
as required by law, we do not expect to update forward-looking
statements and information continually as conditions change and you
are referred to the full discussion of the Company's business
contained in the Company's reports filed with the securities
regulatory authorities in Canada and the U.S.
All forward looking statements and information contained in this
News Release are qualified by this cautionary
statement.