07:53 AM EDT, 03/19/2024 (MT Newswires) -- StorageVault Canada Inc. ( SVAUF ) said Tuesday that it has received conditional acceptance from the TSX to launch a normal course issuer bid.

Under the bid, the company can purchase for cancellation up to 5% of its shares and 5% of its outstanding 5.75% senior unsecured hybrid debentures issued due on Jan. 31, 2026.

StorageVault was also authorized to purchase for cancellation 5% of its outstanding 5.50% senior unsecured hybrid debentures due Sept. 30, 2026 and 5% of its outstanding 5.00% convertible senior unsecured debentures due March 31, 2028.

The bid is valid during a 12-month period starting Thursday.

StorageVault said it believes that the market price of its shares and debentures may not reflect their underlying value, and repurchasing them is an appropriate use of the company's funds while creating securityholder value.

The company gained 2.6% yesterday.