Increase to US$10 Million in Available Funds for Purchase of Own Shares
LONDON, UK / ACCESSWIRE / December 19, 2023 / Griffin Mining Limited ("Griffin" or the "Company") has previously announced on the 12th September 2023 that it would renew its efforts to effect the buy-back of shares of the Company previously announced on the 25th February 2021 (the "Buy-Back Programme") and to extend the Buy-Back Programme after its expiration on the 25th February 2024 on the same terms.
In addition to the Buy-Back Programme, the directors reserved the right (subject to compliance with all applicable laws and regulations) to:
1. purchase large blocks of shares from individual shareholders where the large number of such shares offered in the market may cause instability in the Company's share price; and
2. purchase a large number of shares via a tender offer which would be the subject of further documentation being sent to non-US resident shareholders.
In view of the current market price of the Company's shares, the lack of shares capable of being offered daily to the Company under current market regulations and the desire of certain large individual shareholders wishing to possibly sell a large number of such shares which could cause instability in the Company's share price if offered via the current Buy-Back Program, the Company has increased the funds available for the purchase of its own shares from up to $5m to up to US$10 million and an unlimited number of shares in addition to that already expended under the Buy-Back Programme.
About Griffin Mining Limited
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates in China, through its 88.8% owned Joint Venture stock company, the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website www.griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Dougie McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Lee
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).
The Company's news releases are available on the Company's web site: www.griffinmining.com
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SOURCE: Griffin Mining Ltd