SSR Mining Inc. (TSX: SSRM) announced this morning that it has undertaken a normal course issuer bid (NCIB) to buy back its previously issued common shares. The company may purchase the shares from April 21, 2021, through to April 20, 2022.
Under the terms of the agreement, SSR Mining is permitted to buy back up to 10,000,000 shares, representing 4.5% of its total outstanding common shares. An automatic share purchase plan has been entered into in connection with the program, enabling shares to be purchased during blackout periods.
Shares will be bought at the prevailing market price at the time of purchase while not exceeding 144,221 shares per day, or 25% of the average daily trading volume.
SSR Mining reported that the plan to buy back shares will supplement the existing base dividend and is part of its previously announced capital allocation framework for returning excess cash to shareholders. As of April 9, 2021, the company had 220,193,975 outstanding common shares.
SSR Mining Inc. last traded at $20.35 on the TSX.
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