08:07 AM EDT, 05/31/2024 (MT Newswires) -- PrairieSky Royalty ( PREKF ) on Friday said it received exchange approvals to buy back and cancel up to five-million shares over the next 12 months through a normal-course issuer bid.

The Western Canadian oil and gas royalty company said the allowed amount represents 2.1% of its outstanding shares and 3.3% of its public float.

The renewed plan takes effect on June 4.

The company did not repurchase any shares under its current NCIB, which expires on Friday.

PrairieSky shares closed up $0.40 to $26.83 Thursday on the Toronto Stock Exchange.