- Inter-Rock Minerals Inc. (IRO) has received acceptance from the TSX Venture Exchange to commence a normal course issuer bid (NCIB)
- Under the bid beginning on January 16, 2023, the company may purchase for cancellation up to 1,000,000 common shares
- All common shares purchased by Inter-Rock will be cancelled
- Under the company’s previous NCIB, which expired on February 25, 2022, the company purchased 3,500 common shares
- Inter-Rock Minerals produces dolomite for the animal feed, glass, roofing, and agricultural lime industries in the U.S.
- Inter-Rock Minerals Inc. (IRO) opened trading at C$0.65
Inter-Rock Minerals Inc. (IRO) has received acceptance from the TSX Venture Exchange to commence a normal course issuer bid (NCIB).
Under the bid beginning on January 16, 2023, the company may purchase for cancellation up to 1,000,000 common shares, representing up to approximately 4.5 per cent of the company’s 22,303,311 common shares issued and outstanding.
Inter-Rock has engaged Canaccord Genuity Corp. to act as the broker for the NCIB.
Any purchases under the NCIB will be conducted through the facilities of the TSXV or alternative Canadian trading systems at market prices. All common shares purchased by Inter-Rock will be cancelled. Purchases under the NCIB will be funded by the company’s working capital.
The company believes the bid will be advantageous to shareholders as this increases their proportionate share of ownership of the company.
Under the company’s previous NCIB, which began on February 25, 2021, and expired on February 25, 2022, the company purchased 3,500 common shares for cancellation at an average price of $0.40 per common share.
Inter-Rock Minerals produces dolomite for the animal feed, glass, roofing, and agricultural lime industries in the U.S. It also markets and distributes ingredients to the dairy feed industry. The company operates through three business units: MIN-AD, Inc., Mill Creek Dolomite, LLC, and Papillon Agricultural Company. Its Papillon segment accounts for most of the firm’s revenue, which is a marketer and distributor of toll-manufactured premium dairy feed nutritional supplements.
Inter-Rock Minerals Inc. (IRO) opened trading at C$0.65.