Gran Colombia Gold Renews Share Buyback Program
Gran Colombia Gold (TSX: GCM) this morning announced that it will be renewing its normal course issuer bid. Also known as a share buyback program, the program will see shares purchased by the company for cancellation.
The program is currently slated to begin on October 20, and will run through to either October 19, 2022, or until all the shares permitted under the program are purchased, whichever happens first.
A total of 10% of shares outstanding, equating to 9.6 million shares, may be repurchased under the program. Up to 86,301 shares may be repurchased per day.
The company also indicated that it has entered an automatic share purchase plan, enabling shares to be repurchased during blackout periods.
The previous program conducted by the company, which expired on September 3, saw the firm eligible to repurchase up to 5.9 million common shares. Of these, a total of 1.5 million shares were repurchased, with an average purchase price of $5.93 per share.
Gran Colombia Gold last traded at $5.04 on the TSX.
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