Neometals (ASX:NMT) is undertaking a share buy-back program, and commenced yesterday with the purchase of 1,263,671 shares for just over $400,000, or $0.32 per share.
Under the program Neometals can purchase 28.1 million shares.
Last week the company outlined that it is proposing to sell its 13.8% stake in the operating Mt Marion Lithium Project.
The company gave notice to its joint venturers, which gives them 30 days to decide whether to exercise their pre‐emptive right to buy Neometals’ shares at the nominated price of $US96 million.
If there is no exercise of those rights, then Neometals is able to offer the shares to third parties.