Gran Colombia launches NCIB
Midtier gold miner Gran Colombia Gold has announced a normal course issuer bid (NCIB) for its common shares, which will allow the company to purchase for cancellation up to 5 934 811 shares over a 12-month period.
This represents 10% of the current issued and outstanding shares in the public float on August 31.
“We continue to see significant potential upside in the re-rating of our share price. In addition to the recently announced quarterly dividend, the NCIB is an important component of our value creation strategy as the repurchase of shares using our free cash flow provides a permanent favourable impact to our earnings and cash flow per share metrics,” said executive chairperson Serafino Iacono.
The NCIB will start on September 4, 2020 and terminate on September 3, 2021, or such earlier date on which purchases under the NCIB have been completed.
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