In what can be deemed an odd move among the Canadian micro cap sector, a junior explorer this morning announced that it will be conducting a normal course issuer bid. Clarity Gold (CSE: CLAR), whom has a micro cap of just $7.46 million, this morning announced that it intends to conduct the share buyback program.
The program will see the company repurchase 1.4 million of its currently outstanding 28.14 million shares over the course of the next year. The amount represents 5% of the firms total shares outstanding.
At the firms current price, the program would amount to roughly a $371,000 outlay from the treasury. The firm, to its credit, as of June 30 had a total cash position of $4.9 million in the treasury, which follows a $3.8 million non brokered flow through financing conducted in March at $1.85 per share.
Clarity Gold last traded at $0.265 on the CSE.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.