G Mining Ventures will repurchase up to 7.5 million shares starting Sept. 1, representing 2.54% of its float, the company said Thursday.
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G Mining Ventures Corp. (TSX: GMIN, OTCQX: GMINF) will begin buying back its own shares on Sept. 1 under a normal course issuer bid approved by the Toronto Stock Exchange, the company said in a release Thursday.
The Montreal-based gold miner plans to purchase up to 7,537,688 common shares for cancellation, representing roughly 2.54% of its 296,306,236 shares outstanding as of Aug. 25. The buyback runs through Aug. 31, 2027, or whenever the maximum is reached, whichever comes first.
GMIN said the NCIB gives it flexibility to return capital to shareholders as part of its corporate strategy. Purchases will be made on the open market through the TSX, other exchanges or alternative Canadian trading systems at prevailing market prices. The daily limit is 188,191 shares, equal to 25% of the average daily trading volume of 752,765 shares on the TSX over the six months ended July 31. One block purchase per calendar week can exceed that cap.
All shares bought under the program will be cancelled. GMIN intends to fund purchases from working capital.
The company has not bought any shares under a prior NCIB in the past 12 months, it said. Management can decide to suspend purchases at any time depending on market conditions, share price and other capital-allocation opportunities.
GMIN operates the Tocantinzinho Mine in Brazil and also holds the Gurupi Project in Brazil and the Oko Gold Project in Guyana. It trades on the TSX under the symbol GMIN.
The buyback period begins Sept. 1, 2026.
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