Silvercorp Metals Looks To Buy Back 4% Of Its Shares
Silvercorp Metals Inc. (TSX: SVM) declared today its plans to conduct a normal course issuer bid and buy back its previously issued common shares. The program will run from August 27, 2021, to August 26, 2022.
Under the terms of the bid, the firm is looking to acquire back up to 7,054,000 of its common shares, representing approximately 4% of the total 176,354,091 shares.
Following the regulations, the shares will be bought at the prevailing market price at the time of purchase while not exceeding 134,990 shares per day or 25% of the average daily trading volume.
In July 2021, the mining firm’s production results for its first fiscal quarter missed Cannacord’s estimates but the latter reiterated its buy rating and $9.50 price target.
Silvercorp Metals Inc. last traded at $5.26 on the TSX.
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