Lundin Gold Inc. (LUGDF,LUG.TO), a Canadian mining company, on Thursday announced that the Toronto Stock Exchange accepted its notice to renew a normal course issuer bid or NCIB to repurchase up to 12,086,020 shares, representing 5% of its 241,720,418 issued and outstanding shares as of February 24.
The NCIB will commence on March 3, and continue until the earlier of March 2, 2027, or the date the maximum number of shares has been purchased.
Daily purchases on the TSX will be limited to 234,063 shares, representing 25% of the average daily trading volume of 936,252 shares for the six months ended January 31.
The company said the NCIB will be funded using existing cash resources and that no shares were repurchased under its previous NCIB, which expired on February 24.
Lundin Gold closed trading, 2.37% higher at CAD 124.89 on the Toronto Stock Exchange.
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