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Mongolia Growth to renew normal course issuer bid

Canadian real estate investor and developer Mongolia Growth Group Ltd. plans to renew its normal course issuer bid.

The TSX Venture Exchange accepted the company's notice of intention of renewal, according to a release.

Under the bid, Mongolia Growth may, from time to time over the course of the next 12 months, buy up to 2,700,000 common shares, representing as much as 8.1% of its 33,471,999 issued and outstanding common shares, or roughly 9.99% of the 27,035,049 common shares that make up the company's public float. The shares will be purchased at market price for cancellation on the open market through the facilities of the exchange.

The company may fund such purchases by selling one or more of its investment properties. The renewed bid is expected to commence on or about March 12 and last up to a year.

Under the previous normal course issuer bid, the company purchased 1,052,100 of its shares at an average price of 32 Canadian cents apiece from March 1, 2017, to Feb. 28.