Source: Karora Resources Inc.
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  • Karora Resources (KRR) has received approval to renew its normal course issuer bid
  • Between July 20, 2022 and July 19, 2023, Karora may purchase up to 8,492,971 of its issued and outstanding common shares
  • Daily purchases will not exceed 246,151 common shares
  • All shares purchased under the bid will be cancelled
  • Karora Resources is a mineral resource company engaged in the exploration and production of precious metal assets in Australia
  • Karora Resources Inc. (KRR) is up 3.36 per cent on the day, trading at C$2.77 per share at 1 pm ET

Karora Resources (KRR) has received approval from the Toronto Stock Exchange to renew its normal course issuer bid.

Karora may purchase up to 8,492,971 of its issued and outstanding common shares between July 20, 2022 and July 19, 2023.

Daily purchases will not exceed 246,151 common shares. Any shares purchased under the bid will be cancelled.

Under its previous bid, the corporation repurchased 63,000 common shares at an average price of $3.19 per share.

As of July 11, 2022, there were 169,859,423 common shares issued and outstanding. The 8,492,971 common shares the corporation may purchase under the current bid represents 5 per cent of the shares issued and outstanding.

Karora’s board has determined that the bid is an effective use of the corporation’s financial resources when its Common Shares trade at a significant discount to their underlying value.

Cormark Securities Ltd. and Haywood Securities Inc. has been engaged to undertake purchases under the bid.

Karora Resources is a mineral resource company engaged in the exploration and production of precious metal assets in Australia.

Karora Resources Inc. (KRR) is up 3.36 per cent on the day, trading at C$2.77 per share at 1 pm ET.

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