09:18 AM EDT, 05/29/2024 (MT Newswires) -- Stampede Drilling ( STPDF ) said overnight Tuesday that it secured TSXV approval to renew its normal course issuer bid (NCIB).

The NCIB will allow Stampede to purchase up to about 20 million of its shares, 10% of the public float. The bid will commence on June 3 and can run up to June 2, 2025.

The company said that, from time to time, the market price of its shares are undervalued and repurchasing the shares for cancellation may represent an attractive use of financial resources.

Stampede's prior NCIB is expiring May 31, under which it has repurchased over 17.8 million shares for $4.3 million.

Stampede's share price rose 6.5% yesterday to $0.2450.