Lithium Royalty Corp. Announces Normal Course Issuer Bid
TORONTO–(BUSINESS WIRE)–#ESG–Lithium Royalty Corp. (TSX: LIRC) (“LRC”) announces today that the Toronto Stock Exchange (TSX) has accepted a notice filed by LRC of its intention to make a normal course issuer bid (NCIB).
The TSX notice provides that LRC may, during the 12-month period commencing July 10, 2023 and terminating July 9, 2024, purchase up to 1,236,823 of LRC’s common shares (Common Shares), representing approximately 5% of the issued and outstanding Common Shares, by way of a NCIB on the TSX or through alternative trading systems or by such other means as may be permitted under applicable law. As of July 5, 2023, LRC had 24,736,472 outstanding Common Shares. Based on the average daily trading volume on the TSX of 67,943 Common Shares during the period from March 9 to June 30, 2023, daily purchases will be limited to 16,985 Common Shares, other than block purchase exceptions.
Purchases of Common Shares will be made in open market transactions on the TSX or through alternative trading systems. LRC may also purchase Common Shares through private agreements or share repurchase programs if it receives an issuer bid exemption order permitting it to make such purchases. Any purchases of Common Shares made by way of private agreements or under share repurchase programs may be at a discount to the prevailing market price as provided in the relevant issuer bid exemption order.
Decisions regarding the timing of future purchases of Common Shares will be based on market conditions, share price, contractual and regulatory restrictions and other factors. LRC may elect to suspend or discontinue its NCIB at any time. Common Shares purchased under the NCIB will be cancelled. LRC believes that the market price of Common Shares could be such that their purchase may be an attractive and appropriate use of corporate funds.
From time to time, when LRC does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the purchase of Common Shares at times when LRC ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plans entered into with LRC’s broker will be adopted in accordance with the requirements of applicable Canadian securities laws.
About Lithium Royalty Corp.
LRC is a lithium-focused royalty company with a globally diversified portfolio of 32 high-grade revenue royalties on mineral properties around the world that supply and are expected to supply raw materials to support the electrification of transportation and decarbonization of the global economy. Our portfolio is focused on high-grade and low-cost mineral projects that are primarily located in Australia, Canada, South America and the United States. LRC is a signatory to the Principles for Responsible Investment; the integration of ESG factors and sustainable mining are considerations in our investment analysis and royalty acquisitions.
Contacts
Contact Information for Inquiries:
Jonida Zaganjori
Investor Relations
(647) 792-1100
