Sandstorm Gold board approves $18m share buyback, shares jump

MINING.COM Editor | November 15, 2018 | 2:20 pm Precious Metals Canada Gold

Chapada mine in Brazil, owned and operated by Lundin Mining. Image: Sandstorm Gold.

Sandstorm Gold Royalties (TSX: SSL) shares jumped 5 % today, after the company announced the board of directors approved the purchase of up to 18.3 million of its common shares between now and the end of 2019, subject to TSX approval.

The 18.3 million shares represent approximately 10% of Sandstorm’s current shares outstanding, and the company stated its current intention is to complete the entire buyback of 18.3 million shares.

Under the Company’s current NCIB, Sandstorm has the option to purchase up to 9.2 million common shares until April 4, 2019.

As of November 14, 2018, the Company had purchased 2.5 million Common Shares, leaving 6.7 million common shares still available to purchase under the current NCIB.