07:53 AM EST, 12/18/2024 (MT Newswires) -- Pason Systems ( PSYTF ) overnight Tuesday said the Toronto Stock Exchange approved the extension of it's normal course issuer bid.

The new NCIB will start on Friday and will end on Dec. 19, 2025, or earlier if the bid is completed or terminated by Pason ( PSYTF ). The bid renews the existing NCIB which started on Dec. 20, 2023, and is scheduled to end on Thursday.

Under the 2025 bid, the company said it may buy to cancel up to 7.1 million common shares, or 10% of the public float.

The company also said it intends to enter into an automatic purchase plan with National Bank Financial to buy common shares on Pason's ( PSYTF ) behalf during trading blackout periods, as defined by Pason's ( PSYTF ) insider trading policy.

Shares of the company closed up $0.18 or 1%, to $13.68 on Tuesday on the TSX.