01:47 PM EDT, 06/03/2024 (MT Newswires) -- New Stratus Energy ( RDRIF ) on Monday said it secured board approval for a normal-course issuer bid to buy back and cancel up to 5% of its outstanding shares.

The bid is expected to begin on June 6, and will end on June 5, 2025, unless earlier completed or terminated. The bid remains subject to approval from the exchange.

Under the bid, New Stratus may buy up to 6.3 million common shares over 12 months, representing about 5% of the current issued and outstanding common shares.

In connection with the bid, New Stratus has entered into an automatic share repurchase plan with Paradigm Capital Inc. Under the plan, Paradigm will buy common shares under the bid for cancellation.

The company's shares were last seen up $0.01 to $0.55 on the TSX Venture Exchange.

Price: 0.55, Change: +0.01, Percent Change: +1.85