Nordgold buys GDRs for another $132,000 during buyback
MOSCOW. March 5 (Interfax) - Nordgold has held another share purchase during its buyback program - 50,000 GDRs (0.0131%) at an average price of $2.65 per share, the gold miner said in a statement.
The total sum of the deal was $132,290.
"Since the announcement of the buyback programme Nordgold has purchased a total of 554,530 GRDs [0.1455%]," the company said. These were purchased for a total sum of about $1.27 million.
"On February 24, 2015, the Board approved a share and GDR buyback programme for up to 19,000,000 shares/GDRs to a maximum total amount of $30 million at a price of up to $4 per share/GDR. The buyback programme will end as soon as the aggregate purchase price of the shares/GDRs acquired by the Company has reached the amount of $30 million or ultimately, by December 31, 2015," the company said.
The price of the last deal with shares on the London Stock Exchange on March 4 was $2.64.
At the same time as buying back shares, Nordgold has said it remains committed to its status of publicly traded company and its long-term goal of significantly increasing its free float.
Shares and GDRs that are repurchased will be canceled. The GDRs that are repurchased will first be converted into shares.