08:40 AM EST, 01/20/2025 (MT Newswires) -- Parex Resources ( PARXF ) on Monday said the Toronto Stock Exchange (TSX) approved the company's normal course issuer bid.

Parex said it will buy for cancellation up to 8.6 million common shares. The bid will start on Jan. 22, and will terminate on Jan. 21, 2026 at the latest.

The company said the number of common shares that can be bought pursuant to the bid is subject to a daily maximum of 221,960 common shares. As of the close of business on Jan. 10, the company had 98.3 million common shares issued and outstanding and a public float of 86.2 million common shares.

Parex also entered into an automatic share purchase plan with Peters and Co. in order to facilitate buybacks of its common shares. This plan has been approved by the TSX and will be implemented effective Jan. 22.

Shares of the company closed down $0.18 or 1.2%, to $14.62 on Friday on the TSX.