The Toronto Stock Exchange approved Parex Resources Inc.'s plan to start a normal course issuer bid, according to a Dec. 19 release.
Under the bid, the company will repurchase, for cancellation, up to 13,986,994 shares, which represents 10% of its public float as of Dec. 9. Purchases will be made on the open markets through the TSX and through alternative trading systems, subject to a daily maximum of 135,080 shares. At the time of purchase, Parex will pay the prevailing market price on the TSX.
The bid will start Dec. 23 and end Dec. 22, 2020, or earlier provided the bid is completed or terminated at Parex's option.
As of Dec. 9, the company had 143,000,170 common shares issued and had a public float of 139,869,944 shares.
Parex Resources is headquartered in Canada and focuses on exploring, developing, producing and marketing oil and natural gas in Colombia.