TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) announced its plan to conduct a normal course issuer bid following the sale of a portion of its Mariana Royalty.
The company intends to repurchase up to 9,548,639 shares, equivalent to around 5% of its outstanding shares. The bid is subject to certain restrictions, with a maximum of 2% of the outstanding shares eligible for purchase within any 30-day period.
The acquired shares will be paid for with cash derived from the company's working capital, and subsequently returned to the treasury as authorized and unissued shares, TNR told shareholders in a statement.
TNR Gold told shareholders it believes that the current market prices of its shares inadequately reflect their true value. With available cash from the recent sale of a portion of the Mariana Royalty and the repayment of outstanding debts, the Company is well-positioned to proceed with the repurchase plan.
No insiders of TNR Gold have expressed intent to participate in the bid, the company noted.
The bid is scheduled to commence on or about June 5, 2023, and will conclude on or about June 4, 2024.
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