Mongolia Growth Group Announces Renewal of Normal Course Issuer Bid

Mongolia Growth Group Ltd. (TSXV:YAK) revealed today its approval by the TSX Venture Exchange to renew its normal course issuer bid (NCIB) targeting the acquisition of its outstanding common shares on the open market. This bid aligns with TSXV policies, aiming to purchase up to 1,760,000 common shares, approximately 9.97% of its current public float, over the next 12 months. The bid enforces a 30-day purchase limit of no more than 2% of the issued shares, aggregated with previous purchases within that period.

The company's decision to undertake the bid is driven by its belief that the market price may not always reflect the true value of its operations and future growth prospects. Hence, it considers the buying back of shares a wise use of company funds to potentially enhance market stability. Research Capital Corp of Toronto, Ontario, has been appointed to manage the bid process, which will run from April 2, 2024, to April 1, 2025. The purchased shares are to be cancelled, with transactions processed at market price on the Exchange, pending regulatory approval.

In the previous year, Mongolia Growth Group successfully purchased 1,213,400 of its shares at an average price of $1.40 under the recently expired NCIB, illustrating a continuing strategy to optimize shareholder value through these buybacks.