05:27 PM EDT, 04/09/2024 (MT Newswires) -- Dundee Corp (DC-A.TO) on Tuesday said it received exchange approval for a renewal of its normal-course issuer bids in for its class A subordinate voting shares, cumulative 5-year rate reset first preference shares, series 2 and cumulative floating rate first preference shares, series 3, and collectively with Class A Shares and Series 2 Shares, (the Securities).

Chief executive Jonathan Goodman said in a statement: "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 repurchase and cancel up to a maximum of 7.6 million 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 85.7 million Class A Shares, 1.1 million Series 2 Shares and 724,982 Series 3 Shares issued and outstanding.

The buyback program runs from April 12 to April 11, 2025.