Victoria Gold Corp. (TSX: VGCX) this morning announced its plans to start a normal course issuer bid and buy back its previously issued common shares. The company may purchase the shares from June 1, 2021, to May 31, 2022.
Under the terms of the agreement, Victoria Gold is permitted to buy back up to 3,122,493 common shares, representing 5.0% of its total outstanding common shares. As of May 25, 2021, the company has a total of 62,449,874 common shares issued and outstanding.
Shares will be bought at the prevailing market price at the time of purchase, while not exceeding 66,547 shares or 25% of the average daily trading volume. On the date of approval, Victoria Gold’s average daily trading volume for the past six months was 266,191 common shares.
The company reported that the plan to buy back shares will increase the proportionate interest of all remaining shareholders.
Victoria Gold Corp. last traded at $18.15 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.