03:32 PM EST, 12/03/2024 (MT Newswires) -- FPX Nickel ( FPOCF ) was edging down Tuesday as it announced that it has received approval from the TSX Venture Exchange to proceed with its prior flagged Normal Course Issuer Bid.

Under the NCIB, the company may acquire up to 5 million common shares, representing approximately 2% of the current public float of the common shares, over the 12-month period commencing Dec. 5, 2024, and ending on Dec. 5, 2025.

The company said it is commencing the NCIB because it believes that the market price of its common shares is undervalued and does not reflect the value of the company's assets and future prospects and that the purchase of common shares under the NCIB is "in the best interest of the company, a desirable use of its available cash, and will enhance shareholder value in general."

Price: 0.26, Change: -0.01, Percent Change: -1.92