Mineros SA (MSA.TO) will commence an offer to repurchase up to C$15 million of its common shares through the Colombian Stock Exchange, the company said late Friday.
The offer will commence Monday and end Friday.
The repurchase price for each common share will be determined through a book-building mechanism, under which eligible shareholders will indicate the price they are willing to sell a specified number of shares, or their willingness to accept the repurchase price, during the acceptance period.
The repurchase price and the maximum amount to be repurchased will be determined by the company based on the structure of the order book and prevailing market conditions at the time of adjudication, Mineros said.
The offer will not be made through the Toronto Stock Exchange, as it is not subject to regulation as an "issuer bid" under applicable Canadian securities laws, Mineros said.