Imperial Metals Corp. (IPMLF,III.TO) announced Monday that the Toronto Stock Exchange accepted its notice to launch a normal course issuer bid to repurchase up to 890,855 common shares.
The shares represent 0.5% of Imperial's issued and outstanding common shares as of May 20.
The purchases under the bid may begin May 28 and continue through May 27 through the facilities of the TSX or alternative Canadian trading systems.
The company said that the daily purchases will be limited to 64,567 common shares, or 25% of the company's average daily trading volume of 258,269 shares on the TSX.
The company said shares acquired under the bid will be used to satisfy obligations under its Non-Management Directors' Plan and Amended and Restated Share Purchase Plan.
Funding for the repurchases will come from the company's working capital.
During the previous 12 months, the company had repurchased 166,500 common shares at a volume-weighted average price of C$6.08 per share through the TSX.
The prior bid allowed for the repurchase of up to 814,089 common shares.
On Monday, Imperial Metals closed trading 4.81% higher at C$6.76 on the Toronto Stock Exchange.
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