Metatek-Group's (MTEK.TO) board of directors have approved the filing of its application to the Toronto Stock Exchange to launch a normal course issuer bid, it said on Tuesday.
The company intends to buy back up to 2.46-million common shares, representing about 5% of its outstanding common shares, the maximum permitted over a 12-month period under the policies of the TSX.
Shares of the company closed down 0.9% to C$3.21 on Monday on the Toronto Stock Exchange.