Loading ...Alamos Gold (TSX: AGI) appears to be in the mood to spend money. Following its $25.0 million acquisition of Trillium Mining announced last night, the company this morning announced that it has renewed its share buyback program, also known as a normal course issuer bid. The program will see the company buyback up to 10% of its outstanding Class A common shares over the course of the next year.
The 10% figure for the company is based on the filing which was made as of December 14, 2020, when the company had a total of 351,455,040 shares outstanding. As a result, the program will see the company repurchase up to 35,145,504 Class A common shares for cancellation.
The program is set to begin December 24, 2020, and will end on December 23, 2021. Share purchases are to occur via the TSX, alternative Canadian markets, and the New York Stock Exchange, with the company able to purchase up to 273,548 common shares per day.
The previous program conducted by Alamos saw a total of 1,133,561 common shares repurchased out of a maximum 28,734,677 common shares that were eligible. Those shares were repurchased at an average price of C$6.99 per share under the program that formally concludes December 23, 2020.
Alamos Gold last traded at $12.50 on the TSX.
Take note on AGI chart, soon after the high volume days starts an up-leg.