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Abstract
(Marketwired - Dec. 10, 2015) - Lake Shore Gold Corp. (TSX:LSG) (NYSE MKT:LSG)("Lake Shore Gold" or the "Company") announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid ("NCIB") to purchase for cancellation up to $10,350,000 principal amount of its 6.25% convertible debentures due September 30, 2017 (the "Debentures"). The NCIB will take place over a one-year period, with the principal amount of Debentures subject to the NCIB representing up to 10% of the Debentures' public float as of December 9, 2015.
The Company may purchase the Debentures at prevailing market prices and by means of open market transactions through the facilities of the TSX. In accordance with the applicable TSX rules, daily purchases under the NCIB will not exceed $24,000 in principal amount, which represents 25% of the average daily trading volume of the Debentures (being $99,800 principal amount of Debentures). The Company may make, once per calendar week, a block purchase of Debentures not owned, directly or indirectly, by insiders of the Company, that exceeds the daily repurchase restriction. The NCIB will commence on December 15, 2015 and will remain in effect until the earlier of December 14, 2016 or the date on which the Company has purchased the maximum number of Debentures permitted under the NCIB.
Certain statements in this press release relating to the Company's expected NCIB, including the number of Debentures that may be purchased under the NCIB and the advantages to the Company's profitability of a purchase of Debentures pursuant to a NCIB are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements."