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Foraco International to Repurchase up to One-Million Shares Under a New NCIB

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Foraco International SA (FAR.TO) received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB), it said Thursday.

The NCIB will allow the company to repurchasel up to one-million of its shares, approximately 1% of the company issued and outstanding shares as of Sept. 17, said the company.

The buyback will begin on Sept. 28 and run for 12 months, it added.

The shares purchased under the NCIB may be cancelled or held in treasury, depending on the company's future requirements and capital allocation priorities, it said.

Under the company's previous NCIB, which expired on Sept. 14, it purchased 729,600 shares at an average weighted price of CA$2.56, the company added.

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