Datametrex AI (TSXV: DM) is looking to put its cash to work for shareholders. The firm this morning revealed it has been approved by the TSX Venture to conduct a normal course issuer bid, also known as share buybacks.
The program will see the company repurchase up to 17.8 million of its common shares over a twelve month period, beginning June 8, 2022. The figure represents 5% of the total outstanding shares of the company, and 5.1% of the firms public float.
Purchases under the program are to be made on the open market, with the buyback program to be facilitated by PI Financial. The timing of such buybacks are to be determined by the firms management, based on market conditions, share price, and opportunities for growth.
Datametrex AI last traded at $0.14 on the TSX Venture.
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