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	Dundee Corp CL.A SV	1.37	0.04	2.84%
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TORONTO, April 09, 2024 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A, DC.PR.B, DC.PR.D) ("Dundee" or the "Company") announced today receipt of regulatory approval for its notice of intention to renew its normal course issuer bids ("Bids") in respect of its class A subordinate voting shares ("Class A Shares"), cumulative 5-year rate reset first preference shares, series 2 ("Series 2 Shares") and cumulative floating rate first preference shares, series 3 ("Series 3 Shares"), and collectively with Class A Shares and Series 2 Shares, the ("Securities") through the facilities of the Toronto Stock Exchange ("TSX") or alternative Canadian trading systems from April 12, 2024 to April 11, 2025.

Jonathan Goodman, President and CEO of Dundee Corporation, commented:

"Buying back shares for cancellation at current prices is a good long-term investment for the Company and a prudent allocation of capital. Reducing the number of Series 2 Shares and Series 3 Shares outstanding also lowers future dividend payments.

"We remain committed to reducing our overall costs and G&A expenses, rationalizing our legacy investment portfolio, and monetizing non-core assets. We will continue to review options for capital allocation that deliver further value to our shareholders as we execute on our strategic plan of bringing the Company back to its roots as an active, long-term mining investor."

Dundee may purchase up to a maximum of 7,692,104 Class A Shares, 114,536 Series 2 Shares and 72,498 Series 3 Shares under the Bids, representing approximately 10% of the Company's public float on each class of Security. As of March 31, 2024, Dundee had 85,711,707 Class A Shares, 1,145,362 Series 2 Shares and 724,982 Series 3 Shares issued and outstanding. The average daily trading volume for the most recently completed six calendar months prior to TSX acceptance of the Bids is 78,873 Class A Shares, 482 Series 2 Shares and 1,316 Series 3 Shares. Under the Bids, Dundee may purchase up to 19,718 Class A Shares, 1,000 Series 2 Shares and 1,000 Series 3 Shares during any trading day, other than pursuant to a block purchase exception.

The price paid for Securities acquired under the Bids will be the market price at the time of purchase and all Securities purchased under the Bids will be cancelled. The Company intends to enter into an automatic purchase plan with its designated broker to allow for purchases under the Bids during periods when Dundee would ordinarily not be permitted to purchase Securities due to regulatory restrictions or customary self-imposed blackout periods. Outside of the automatic purchase plan, the Securities may continue to be purchased under the Bids based on management's discretion in compliance with the rules of the TSX and applicable securities laws.

Under Dundee's current normal course issuer bids which are set to expire on April 11, 2024, the Company sought and received approval from the TSX to purchase up to 7,571,650 Class A Shares, 114,916 Series 2 Shares and 181,752 Series 3 Shares. The Company purchased a total of 246,400 Class A Shares at an average price of $0.82, 3,800 Series 2 Shares at an average price of $18.92 and 178,500 Series 3 Shares at an average price of $20.00 under the current normal course issuer bids.

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol "DC.A". Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com