- Morien Resources Corp. (MOX) is renewing its normal course issuer bid (NCIB)
- Under the bid, Morien may acquire up to 3,684,381 common shares, representing approximately 10 per cent of the company’s public float as of January 25, 2023
- Morien is a Canadian mining development company that holds royalty interests in two tidewater-accessed projects
- Morien Resources Corp. was unchanged at $0.65 at 1:55 PM ET
Morien Resources Corp. (MOX) is renewing its normal course issuer bid (NCIB).
Between February 1, 2023, and January 31, 2024, Morien may acquire up to 3,684,381 common shares, representing approximately 10 per cent of the public float of Morien as of January 25, 2023.
The renewal of the company’s NCIB is intended to provide an additional capital allocation tool to supplement Morien’s recently reinstated quarterly dividend program and as a means of returning capital to shareholders.
The board of directors of Morien believes that the prices at which the company’s shares trade do not accurately reflect the underlying value of the company, including its royalty portfolio, strong financial position and growth opportunities.
Under its current bid ending January 31, 2023, Morien purchased 500,000 of its common shares at an average price of $0.69 per share.
As of January 25, 2023, the company had 50,374,114 common shares outstanding, which has not been adjusted for the 113,000 shares to be cancelled on January 31, 2023, as a result of purchases in January under the existing NCIB.
Morien may purchase up to 2 per cent of its issued and outstanding shares in any 30-day period, up to the maximum of 3,684,381 shares.
Morien is a Canadian mining development company that holds royalty interests in two tidewater-accessed projects.
Morien Resources Corp. was unchanged at $0.65 at 1:55 PM ET.
