Sprott Resource Announces Block Purchase Under Normal Course Issuer Bid
Sprott Resource Corp. (SCP.TO) announced today that it purchased 4 million company shares for $3.55 per share under its normal course issuer bid, relying on the block purchase exemption under the NCIB rules.
SRC management is of the view that the company's shares are trading at a significant discount to their net asset value, the company said in a statement.
"SRC is committed to purchasing its shares under its NCIB whenever they trade at a discount to their net asset value, provided that SRC has sufficient liquidity. Since SRC's inception in 2007, including today's purchase, it has purchased and cancelled over 21.5 million shares at a total cost of approximately $71.9 million."
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