Mirasol Resources Ltd. (TSXV: MRZ) this morning announced its plans to renew its normal course issuer bid and buy back its previously issued common shares. The company may purchase the shares from December 15, 2021, to December 14, 2022.
Under its terms, the normal course issuer bid allows the company to repurchase up to 3.5 million of its outstanding common shares, representing 6.5% of all issued shares and 8.92% of the company’s public float.
Following the regulations, the shares will be bought at the prevailing market price at the time of purchase while not exceeding 25% of the average daily trading volume.
The firm also relayed that one of its directors, John Tognetti, is also the chairman of Haywood Securities who will conduct the bid on behalf of the company. It clarified that Tognetti abstained from voting related to engaging with the buyback program and will not dispose of any share he holds.
Mirasol Resources Ltd. last traded at $0.43 on the TSX Venture.
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