Osisko Mining (TSX: OSK) will continue to buy back outstanding shares through 2022. The firm this morning indicated that the TSX has approved the firms renewal of its normal course issuer bid.
The oncoming program will see the company eligible to repurchase up to 28.7 million common shares from the open market. The figure represents 10% of the firms public float as of December 20, with the company currently having a total of 346.3 million shares outstanding of which 286.8 million constitue the public float. The firm is limited to daily purchases of 138,745 common shares.
The program is to be in effect from January 2, 2022 through to January 1, 2023.
Under the program slated to end on January 1, Osisko Mining was eligible to repurchase up to 28.3 million common shares, of which they repurchased 12.9 million shares. The firm repurchased shares at an average price of $3.21 per share.
The firm also conducted a $70 million bought deal flow-through financing in February, which saw the issuance of 13.1 million shares. Another transaction at the end of November saw the firm raise $154 million via a convertible debenture, which could result in an additional 38.5 million shares being issued at $4.00 per each, more than offsetting any reduction in the firms outstanding share count from buybacks.
Osisko Mining last traded at $3.72 on the TSX.
Information for this briefing was found via Sedar and Osisko Mining. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
