Xtra-Gold Announces 2025 Normal Course Issuer Bid and Results of 2024 Bid

Rhea-AI Summary

Xtra-Gold Resources Corp (TSX: XTG) (OTCQB: XTGRF) has announced the renewal of its normal course issuer bid program for 2025, approved by the Toronto Stock Exchange. The company plans to repurchase up to 4,000,000 common shares, representing approximately 10% of its public float of 40,885,362 shares.

The 2025 Bid will run from March 18, 2025, to March 17, 2026, with a daily purchase limit of 2,864 shares. The company has engaged Haywood Securities Inc. as the broker for conducting the bid. All purchases will be made through the TSX at market prices, and purchased shares will be cancelled.

Regarding the previous 2024 Bid results, Xtra-Gold has purchased 165,700 common shares at an average price of $1.61 per share. As of March 6, 2025, the company has 45,944,217 common shares issued and outstanding.

Positive

• Authorization to repurchase up to 4 million shares (10% of float) demonstrates confidence in company value
• Share buyback program can increase value for remaining shareholders through reduced share count
• Company has successfully executed previous buyback program in 2024

Negative

• participation in 2024 buyback program with only 165,700 shares (4.1%) of authorized 4 million shares purchased

News Market Reaction – XTGRF

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1 alert

% News Effect

On the day this news was published, XTGRF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - March 13, 2025) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) ("Xtra- Gold" or the "Company"); is pleased to announce today that the Toronto Stock Exchange ("TSX") has accepted a noticed filed by the Company of its intention to renew its prior normal course issuer bid for a further one-year period. The Company intends to proceed with a normal course issuer bid to purchase up to 4,000,000 common shares of the Company (the "2025 Bid").

The Company is commencing the 2025 Bid, because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that the purchase of common shares for cancellation is in the best interests of the Company's shareholders by increasing the respective proportionate shareholdings and therefore increasing the respective equity interest in the Company for all remaining shareholders.

As of March 6, 2025, the Company has 45,944,217 common shares issued and outstanding. The 4,000,000 common shares that may be purchased by the Company under the 2025 Bid represent approximately 10% of the public float (40,885,362 as of March 6, 2025) of the Company. The 2025 Bid will commence on March 18, 2025, and will terminate on March 17, 2026, or at such an earlier date if the number of shares sought in the 2025 Bid has been repurchased. The Company reserves the right to terminate the 2025 Bid earlier if it feels that it is appropriate to do so.

All shares will be purchased on the open market through the facilities of the TSX, and payment for the common shares will be in accordance with TSX policies. The price paid for the common shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the 2025 Bid.

The maximum number of common shares that may be purchased daily is 2,864 common shares representing 25% of the average daily trading volume 11,459 for the last six calendar months, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies. The common shares purchased by the Company will be cancelled.

The Company has engaged Haywood Securities Inc. to act as broker through which the 2025 Bid will be conducted.

Previous purchases were made by the Company under a prior normal course issuer bid (the "2024 Bid"), the results of which are noted hereunder.

Results of 2024 Bid

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 4,000,000 Common Shares for the period of March 18, 2024 to March 17, 2025, the Company has purchased, as of March 6, 2025, 165,700 Common Shares on the open market at an average purchase price of $1.61 per share. As of March 6, 2025, the issued and outstanding number of Common Shares is 45,944,217 shares and the public float of the Common share is 40,885,362 shares.

About Xtra-Gold Resources Corp.

Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt, in Ghana West Africa.

Contact Information

For further information please contact:

James Longshore, CEO
Phone #: 242-363-3864
E-mail: info@xtragold.com
Website: www.xtragold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244346

FAQ

How many shares will Xtra-Gold (XTGRF) repurchase in its 2025 buyback program?

Xtra-Gold will repurchase up to 4,000,000 common shares, representing approximately 10% of its public float of 40,885,362 shares.

What was the average purchase price for XTGRF shares in the 2024 buyback program?

In the 2024 program, Xtra-Gold purchased 165,700 shares at an average price of $1.61 per share.

When does Xtra-Gold's (XTGRF) 2025 share buyback program begin and end?

The 2025 buyback program runs from March 18, 2025, to March 17, 2026.

What is the daily purchase limit for XTGRF's 2025 share buyback program?

The maximum daily purchase limit is 2,864 common shares, representing 25% of the average daily trading volume.

How many shares does Xtra-Gold (XTGRF) have outstanding as of March 2025?

As of March 6, 2025, Xtra-Gold has 45,944,217 common shares issued and outstanding.