CRANBROOK, BC / ACCESSWIRE / September 16, 2024 / Eagle Royalties Ltd. (CSE:ER) ("Eagle Royalties" or the "Company") is pleased to announce that the Company has filed a Notice of Normal Course Issuer Bid (the "NCIB") with regulators to purchase for cancellation, from time to time, as the Company considers advisable, up to 2,853,016 common shares ("Common Shares") of the Company, representing approximately 5.96% of the current public float of the Common Shares. The maximum amount of shares available for daily repurchase is 5,909.
Purchases of Common Shares will be made on the open market through the facilities of the CSE and other alternative markets. For any Common Shares purchased, the Company will pay the prevailing market price of the Common Shares. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by the Company and dependent on market conditions.
The Company is commencing the NCIB because it believes that, from time to time, the market price of its Common Shares may not properly reflect the underlying, intrinsic value of the Company and its royalty assets, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The NCIB will commence on September 19, 2024 and will terminate on September 17, 2025 or at such earlier time as the NCIB is completed or terminated at the option of Eagle Royalties. The Company has retained Haywood Securities as its broker to conduct the NCIB on its behalf.
About Eagle Royalties Ltd.
Eagle Royalties was previously a wholly-owned subsidiary of Eagle Plains Resources Ltd. ("EPL":TSX-V), incorporated in late 2022 to manage the diverse royalty holdings of EPL. In May 2023, ER was spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement. Concurrent with the spin-out transaction, Eagle Royalties amalgamated with 1386884 B.C. Ltd., which effectively provided ER with CDN $2.7M in initial funding. Eagle Royalties was listed for trading on the Canadian Securities Exchange ("CSE") on May 19th, 2023.
Eagle Royalties benefits from holding a diverse portfolio of royalty interests in western Canada covering a broad spectrum of commodities including critical metals, precious metals, industrial minerals and diamonds. Projects subject to royalties in favour of Eagle Royalties are controlled by companies including Banyan Gold Corp. and Skeena Resources Ltd. among many others.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
For further information on ER, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: info@eagleroyalties.com or visit our website at https://www.eagleroyalties.com/
Cautionary Note Regarding Forward-Looking Statements
Neither the CSE nor any other regulatory body has reviewed or approved the contents of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Royalties Ltd.
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