JOHANNESBURG (miningweekly.com) – The TSX has approved Toronto-listed Excellon Resources’ notice of its intention to make a normal course issuer bid (NCIB), the silver miner said on Friday.
Mexico's highest-grade silver producer filed the NCIB programme to allow for the market purchases of its common shares and, pursuant to the terms of the NCIB, would allow it to buy common shares for cancellation through the facilities of the TSX at the prevailing market price.
The NCIB was aimed at improving shareholder liquidity and trading volumes and allowed Excellon to buy common shares when these shares were undervalued relative to the company's business and future prospects.
The programme would enable the company to buy a maximum of 5.2-million common shares, or 10% of the total public float.
Purchases would be subject to a daily maximum of 7 479 common shares, except where such purchases were made in accordance with the TSX’s block purchase exception.
The average daily trading volume for the six calendar months ending October 31, 2014, was 29 920 common shares.
Excellon was allowed to make purchases from time to time, starting on December 3, 2014, and ending on December 2, 2015.
During the past year, it had bought 105 800 common shares at a weighted average price per security of $1.19 under its previous normal course issuer bid programme.
Excellon had 54.9-million issued and outstanding common shares by the close of business on November 24.