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Dollarama receives stock exchange approval for issuer bid renewal

Dollarama Inc. announced June 7 that the Toronto Stock Exchange approved a renewal of the company's normal course issuer bid to repurchase 5% of its shares outstanding, as of market close June 6.

The retail chain will cancel the shares that it will buy from June 20, 2018, to June 19, 2019. It can only purchase a maximum of 81,039 common shares per day, which is equivalent to 25% of the average daily trading volume.

Dollarama's ongoing normal course issuer bid is set to expire June 18. Under the current program, the dollar store operator has so far repurchased 4% of all its common shares outstanding, as of the close of markets June 7, 2017. The company bought each share at a weighted average price of C$143.32.