SouthGobi Resources Ltd. (TSE:SGQ) is pleased to announce that the Board of Directors has authorized the renewal of its share repurchase program to purchase up to a total of 3,183,650 common shares.
The press release is quotes as saying:
The share repurchase program will commence on June 15, 2011 and will remain until June 14, 2012, or until the purchases are completed or the program is terminated by the Company. All repurchased common shares under the share repurchase program will be cancelled. As of June 3, 2011 the Company has repurchased and cancelled a combined 1,816,350 common shares on the TSX and the SEHK at a weighted-average price of C$12.51 per share.