Globex Mining Enterprises Inc (CVE:GMX) (OTCQX:GLBXF) revealed it was to buy back up to 1 million of its shares, having received approval from the Toronto Stock Exchange (TSX).
The shares represent 1.9% of the group's public float as of 1 March 2019 and the buyback will take place over 12 months starting on March 12 this year and ending on March 11, 2020.
The purchases by the company will be via the TSX and on other alternative trading systems in Canada and will be made at the market price of the shares at the time of the purchase, the Toronto-based firm said in the statement.
Globex believes that buying back the shares at certain market prices is beneficial to the company and its shareholders.
Under its previous normal course issuer bid (NCIB), which started on 12 March 2018 and which expires on 11 March 2019, Globex was authorized to similarly buy back up to 1 million shares.
As of the beginning of March this year, Globex had repurchased 1 million shares at a volume-weighted average purchase price of $0.2925 per share and canceled them, it said in the statement Friday.
Last month, the resource group told investors it had extended its footprint, having acquired additional rights in the Joutel gold and base metal mining camp of Quebec.
The company already owns three former mines in the Joutel mining camp: the Poirier mine, the Joutel mine – both copper/zinc – and the gold-focused Eagle Mine. All three former mines have historical resources and underground access via shafts and drifts.
Shares ticked up on the day in Toronto 1.67% to $0.30.
–This story was updated after the company corrected its percentage of issued and outstanding shares–
Contact Giles at [email protected]
Follow him on Twitter @Gile74