Dominion Diamond (DDC) Receives TSX Approval for Stock Buyback Plan

Dominion Diamond Corporation (NYSE: DDC) announces that the Toronto Stock Exchange (“TSX”) has approved the Company's previously announced normal course issuer bid to purchase for cancellation up to 6,150,010 common shares, representing approximately 10% of the public float as of July 6, 2016, over a one-year period.

Repurchases under the program may commence on July 20, 2016 and will terminate not later than July 19, 2017. There were 85,335,979 common shares outstanding as at July 6, 2016. Common shares repurchased under the program will be cancelled.

Purchases under the program may be made through the facilities of the TSX, the New York Stock Exchange or alternative trading platforms in Canada or the United States by means of open market transactions or by such other means as may be permitted by the TSX and applicable U.S. securities laws. The price the Company will pay for any common shares will be the market price at the time of purchase or such other price as may be permitted by applicable regulatory requirements. Under TSX rules, daily purchases will be limited to 55,856 common shares, other than block purchase exceptions. The actual number of common shares that may be repurchased under the program and the timing of any such repurchases will be determined in the discretion of the Company and will be subject to the limitations imposed by the rules and regulations of the TSX and applicable U.S. securities laws.

The Company believes that from time to time the underlying value of its assets is not reflected in the market price of its common shares, and therefore purchases of the Company’s common shares may represent the best use of shareholder’s capital. Such purchases are expected to increase the equity interest of all remaining shareholders.

You May Also Be Interested In

• Reitar Logtech launches $3M share repurchase program
• Universal Music Group repurchases 9.4 million shares under €250M buyback
• Spotify expands share buyback program by $1.5 billion