NCIB Normal Course Issuer Bid
On August 7, 2020, the Company renewed its NCIB permitting the purchase and cancellation of up to 18,759,858 of the Company's common shares or approximately 5% of the common shares issued and outstanding as of August 6, 2020. The Company also entered into an automatic share purchase plan with its designated broker to facilitate purchases of its common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods.
During the first three months of 2021, we repurchased 1,295,000 common shares for $2.3 million at an average price of $1.79 per common share. No common shares were repurchased in the same period of last year.
As at May 5, 2021, we have purchased 3,832,448 common shares for $7.5 million at an average price of $1.96 per common share under the current NCIB. We are permitted to purchase up to an additional 14,927,410 under the renewed NCIB, which expires on August 10, 2021.