Silvercorp Metals Renews Share Repurchase Program, Announces Normal Course Issuer Bid Commencing September 19, To Acquire Up To 8.67M Shares Or 4% Of Issued And Outstanding Stock
Portfolio Pulse from Benzinga Newsdesk
Silvercorp Metals has announced the renewal of its share repurchase program, with a normal course issuer bid starting on September 19. The company plans to acquire up to 8.67 million shares, representing 4% of its issued and outstanding stock.
September 17, 2024 | 11:34 am
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Silvercorp Metals is set to repurchase up to 8.67 million shares, which could positively impact its stock price by reducing the number of shares available in the market.
The announcement of a share repurchase program often leads to a positive short-term impact on the stock price as it reduces the supply of shares in the market, potentially increasing the value of remaining shares. This move by Silvercorp Metals to buy back 4% of its stock is likely to be viewed favorably by investors.
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