Sprott Resource Corp. (SCP.TO) has increased the maximum price at which the company will repurchase and cancel common shares as set out in its Automatic Repurchase Plan to $4.60 per share. The Plan, previously put in place with a broker on September 4, 2012, was established in connection with the Company's Normal Course Issuer Bid, which began on September 7, 2012, in order to facilitate purchases of SRC's common shares under the Bid. The Plan permits SRC to provide standing instructions to its broker as to how the Company's common shares are to be repurchased, including during internal blackout periods and/or when the Company is in possession of material non-public information. SCP did not possess material non-public information about itself or its securities at the time it increased the maximum price.
The Company believes that it is in the best interest of its shareholders to purchase shares for cancellation when management believes they are trading at a discount.
Shares are up 1.5% to $4.15 in early trade.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
