08:26 AM EDT, 09/27/2024 (MT Newswires) -- Foraco International ( FRACF ) said Friday that it received TSX approval to launch a normal course issuer bid (NCIB).

Under the NCIB, the drilling company can purchase up to 1 million shares or 1% of its issued and outstanding stock as of Sept. 17.

Foraco ( FRACF ) said it intends to hold the shares until the same are required to be transferred to employees to satisfy the company's obligations in respect of grants made by Foraco ( FRACF ) to its employees under its free share plans.

Foraco's ( FRACF ) share price rose 2.8% yesterday to $2.22.