The buyback program represents 10% of the company's issued and outstanding public float. Based on Thursday's closing price of 4.98 Canadian dollars, the total value of the shares earmarked for repurchase is approximately 24.4 million Canadian dollars. The company is authorized to begin the acquisition process starting June 30, with the program set to run over the next twelve months. This financial maneuver follows a period of significant downward pressure on the stock, which ended the most recent trading session at 3.51 U.S. dollars per share.
Erdene Resource Development Launches Share Buyback After Stock Slump
With its stock price down 40% since the beginning of 2026, Erdene Resource Development is moving to stabilize its market position. The Canadian firm secured approval from the Toronto Stock Exchange to initiate a normal course issuer bid, targeting the repurchase of up to 4.9 million shares for cancellation.
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