TORONTO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (“Dundee” or the “Company”) announces that it has now completed the redemption of the 1,145,362 outstanding cumulative 5-year rate reset first preference shares, series 2 (the “Series 2 Preference Shares”) and the 724,982 outstanding cumulative floating rate first preference shares, series 3 (the “Series 3 Preference Shares”). The redemption price of $25.00 per share, together with the accrued and unpaid dividends were paid to beneficial shareholders of the Series 2 Preference Shares and the Series 3 Preference Shares on October 1, 2024, because of the bank holiday on September 30, 2024.
Jonathan Goodman, President and Chief Executive Officer of Dundee, commented:
“We are pleased to retire all outstanding preferred shares as part of our strategy to simplify the capital structure, enhance shareholder value, and position the Company for long-term growth. We appreciate the support of our shareholders and remain focused on delivering consistent returns. As an investor in development-stage mining businesses, it is crucial to reduce our burn rate and cost of capital as we move forward and aim to generate cash flow."
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.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking information with respect to future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The reader is referred to the documents which the Company files from time to time with applicable securities and regulatory authorities.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com
