08:37 AM EDT, 07/23/2024 (MT Newswires) -- GURU Organic Energy ( GUROF ) said Tuesday that it secured TSX approval to renew its normal course issuer bid.

The bid allows the company to purchase up to about 1.5 million shares or about 5% of its outstanding shares, for a year beginning on July 25.

The company said repurchasing the shares is an appropriate use of its capital when the shares are undervalued.

Under GURU's current bid that expires July 24, the company has repurchased about 1.5 million shares at an average price of $1.94 per share over the last 12 months.

GURU's share price closed yesterday at $1.95 on the TSX.