Nickel 28 Capital (TSXV: NKL) this morning announced that it has been approved by the TSX Venture Exchange to conduct a normal course issuer bid. The share buyback program will see the company repurchase up to 8.7% of its currently outstanding shares.
Under the terms of the buyback program, the company is able to repurchase up to 7.5 million common shares of its equity. The program is valid for a twelve month period, which is slated to begin July 2, 2021.
The program is slated to be run by Haywood Securities, with all shares repurchased under the program to be cancelled. The share buyback program has been enacted by the company as a result of management believing that the equity is currently trading under the net asset value, with the current valuation not reflecting the full value of the company.
Nickel 28 Capital last traded at $1.01 on the TSX Venture.
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