Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) announced that it has gained approval from the Toronto Stock Exchange to renew its Normal Course Issuer Bid (NCIB) for its share repurchase program.
The company said that under the NCIB, it can repurchase up to 5% of its total issued and outstanding shares as of March 13, 2024, or 12,259,943 shares, during the 12 months of the NCIB, and up to 25% of the average daily trading volume for the six months ended February 29, 2024.
The renewed NCIB will start on March 22, 2024, and end on March 21, 2025, or such earlier date the company may complete its purchases per its notice of intention filed with the TSX.
It said all shares repurchased under the program will be cancelled.
The company said that it believes purchases under the NCIB constitute a desirable use of its funds on the basis that, from time to time, market prices of the shares may not fully reflect the value of Endeavour’s business and future business prospects.
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.