Headwater Exploration (HWX.TO) has secured approval from the Toronto Stock Exchange to commence a normal course issuer bid (NCIB), the company said Monday.
Under the NCIB, Headwater may purchase for cancellation up to 22,287,602 common shares, or about 10% of its 237,762,877 issued and outstanding Shares as of April 30.
The NCIB is expected to commence on Wednesday and will terminate on May 12, 2027, or earlier.
Headwater believes that, from time to time, the market price of its shares may not fully reflect the underlying value of the shares.
As a result of such purchases, the number of the issued shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.
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