09:18 AM EDT, 05/16/2024 (MT Newswires) -- K-Bro Linen Inc. ( KBRLF ) said Thursday that it has received approval from the Toronto Stock Exchange for the renewal of a normal course issuer bid.

The company intends to buy up to 754,247 of its common shares through the TSX and/or alternative Canadian trading systems, representing about 10% of the public float of about 7.5 million shares as at May 7, during the 12 months starting May 21, 2024, and ending May 20, 2025.

As at May 7, there were about 10.5 million shares issued and outstanding. Under the normal course issuer bid, other than purchases made under block purchase exemptions, K-Bro may buy up to 2,080 shares on the TSX during any trading day, representing about 25% of 8,323 shares.

Any shares purchased under the normal course issuer bid will be canceled.