VANCOUVER, BRITISH COLUMBIA, April 3, 2023 – West Vault Mining Inc. (TSXV:WVM, OTCQX:WVMDF) (“West Vault” or the “Company”) announces that the Company intends to renew its Normal Course Issuer Bid (“NCIB”) after its existing NCIB expires on April 10, 2023.
Subject to TSX Venture Exchange (“TSXV”) approval, the Company intends to purchase up to 2.9 million common shares under the terms of the renewed NCIB, representing approximately 5% of the 58,138,670 outstanding common shares of the Company (the “Common Shares”) as of April 3, 2023.
Purchases under the renewed NCIB may commence on about April 11, 2023, and terminate on the earlier of the Company purchasing a total of 2.9 million Common Shares, the Company providing a notice of termination, or on April 10, 2024. All purchases will be made through the facilities of the TSXV at market prices and otherwise in accordance with the rules and policies of the TSXV. All Common Shares acquired by the Company under the renewed NCIB will be subsequently canceled. The price which the Company will pay for any such Common Shares will be the prevailing market price at the time of purchase. The funding for any purchase pursuant to the renewed NCIB will be financed out of the unallocated working capital of the Company. PI Financial Corp. will continue to conduct the renewed NCIB on behalf of the Company. The Company intends to utilize the renewed NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares.
The board of directors of the Company has authorized the renewed NCIB as such purchases constitute, in their opinion, an appropriate use of funds which will benefit both the Company and its shareholders.
Under the existing NCIB, the Company obtained approval to purchase up to 2,904,512 Common Shares and actually purchased 335,000 Common Shares at an average price of approximately $0.98 per Common Share for a total cash consideration of $326,735 through the facilities of the TSXV.
On behalf of the Board of West Vault Mining Inc.
Frank R. Hallam
Chief Financial Officer
For further information please see the Company’s website at www.westvaultmining.com or contact us by email at [email protected].
Investor Relations:
Sandy McVey, CEO
(604) 685 8311 / [email protected]
Disclaimer for Forward-Looking Information
This press release may contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the Company's intention to commence its renewed NCIB, the potential purchases of Common Shares for cancellation under the renewed NCIB program, and the anticipated timing and the extent of such purchases under the renewed NCIB program. Although West Vault believes that such information as set out in this press release is reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including the state of the financial markets for the Company's equity securities. The reader is referred to the Company's public filings for a more complete discussion of its risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
I agree to and consent to receive news, updates, and other communications by way of commercial electronic messages (including email) from West Vault Mining Inc. I understand I may withdraw consent at any time by clicking the unsubscribe link contained in all emails from West Vault Mining Inc.
West Vault Mining Inc.
Suite 838 – 1100 Melville Street
Vancouver, BC
Canada V6E 4A6
[email protected]
Qualifying Statements
For readers to fully understand the information in this independent media, they should read the 2023 Pre-feasibility Study, which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) (available on www.sedar.com), in its entirety, including all qualifications, assumptions, limitations and exclusions that relate to the information set out in this independent media. The 2023 Pre-feasibility Study is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this independent media is derived from, and subject to the assumptions and qualifications contained in, the 2023 Pre-feasibility Study.
Qualified Person for This Independent Media
Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for West Vault Mining, as a non-independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical information disclosed in this independent media.
Disclaimer for Forward-Looking Information
This independent media may contain forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this email include, without limitation, statements regarding the potential economic performance of the Project based on the 2023 Pre-feasibility Study, the Company’s ability to obtain any additional permits required to commence and complete construction and perform operations, the Company’s ability to obtain funding on reasonable terms, and the potential identification, execution, and realization of accretive opportunities. Although West Vault Mining believes that such information as set out in this independent media is reasonable, it can give no assurance that such expectations and estimates will prove correct. West Vault Mining cautions investors that any forward-looking information provided by West Vault Mining is not a guarantee of future results or performance, and that actual results may differ materially from forward-looking information as a result of various factors. The reader is referred to West Vault Mining’s public filings for a more complete discussion of such risk factors and their potential effects; these may be accessed through the Company's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Note to US Investors
This independent media has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101. However, these terms are not defined terms under SEC S-K 1300 and are normally not permitted to be used in reports and registration statements filed with the SEC. In addition, the terms “Mineral Reserve”, “Probable Mineral Reserve” and “Proven Mineral Reserve” are also defined in NI43-101 and not S-K 1300. Investors are cautioned not to assume that all or any part of an “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category or converted into Mineral Reserves in accordance with S-K 1300. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of Feasibility or Pre-feasibility Studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a Mineral Resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “Reserves” by SEC S-K 1300 standards as in-place tonnage and grade without reference to unit measures. Accordingly, information contained in this independent media contains descriptions of West Vault Mining’s mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
