The Board of Directors at Sandstorm Gold Ltd. (Sandstorm) has approved the purchase of up to 18.3 million of its common shares between now and the end of 2019, subject to Toronto Stock Exchange (TSX) approval (the buyback). The 18.3 million shares represent approximately 10% of Sandstorm’s current shares outstanding and it is the company’s current intention to complete the entire share buyback of 18.3 million shares.
Under the company’s current normal course issuer bid (NCIB), Sandstorm has the option to purchase up to 9.2 million common shares until 4 April 2019. As of 14 November 2018, the company has purchased 2.5 million common shares, leaving 6.7 million common shares still available to purchase under the current NCIB. After the current NCIB expires on 4 April 2019, the company plans to seek approval for a new NCIB from the TSX.
Subject to TSX approval, the new NCIB would provide Sandstorm the ability to purchase the remaining shares under the buyback.
The actual number of common shares that may be purchased and the timing of such purchases will be determined by the company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any securities acquired under the NCIB will be cancelled.
Read the article online at: https://www.globalminingreview.com/finance-business/16112018/sandstorm-gold-to-enter-share-buyback/