-- North Peak Resources (NPR.V) on Monday said it reached an agreement to repurchase and cancel one-million of its shares from Solarljos, LLC at a price of C$0.80 per share.
Solarljos is controlled by the Erickson family of Nevada, which includes Ty Erickson, a director of the company, it said.
"Dr. Ty Erickson is a highly regarded surgeon, educator, and advisor to humanitarian organizations, with a particular focus on delivering obstetric fistula repair care in complex and volatile environments," said the company. "Proceeds from this sale of shares will support the continuation of this work for several years," the company said.
The transaction is subject to approval by the TSX Venture Exchange.
Following the sale of the shares, Solarljos is expected to still hold seven-million shares, representing approximately a 14.3% stake in the company.
"The Erickson family has been, and remains, valued and supportive shareholders of North Peak Resources," said Rupert Williams, Chief Executive Officer. "We are grateful for the legacy that Einar Erickson built and for the family's continued belief in the potential of the property. The agreement to purchase these shares reflects our own confidence in the value of our asset and we are pleased to support the Erickson family's important humanitarian endeavours."
The company's shares were last seen up $0.04 to $0.92 on the TSX Venture Exchange.
Price: $0.92, Change: $+0.04, Percent Change: +4.55%