King River Resources (ASX: KRR) announces share buyback program

July 10, 2023 05:33 PM AEST | By Manisha

King River Resources (ASX: KRR) announces share buyback program — Image source: Company update

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Highlights

King River Resources Limited (ASX:KRR) has filed notifications for an on-market share buy-back of up to 10% of its ordinary shares over the next one year.

Up to 155.35 million ordinary shares are proposed to be bought back.

In the latest announcement, ASX-listed King River Resources Limited (ASX: KRR) informed about the notifications that have been filed to facilitate an on-market share buy-back of up to 10% of its ordinary shares over the next one year.

Approximately 155,352,495 ordinary shares are expected to be the maximum number of shares to be proposed for buy-back. This figure represents 10% of the lowest number of ordinary shares issued during the last one year.

As per the Corporations Act 2001 (Cth), firms are allowed to buy-back maximum 10% of the lowest number of voting shares on issue during the last one year. This doesn’t need any approval from shareholders.

However, the number of shares purchased, timing of the buy-back and the purchase price remains subject to the company’s market conditions, its stock price and many other considerations. King River Resources owns the right to alter the terms, suspend or dismiss the buy-back at any time, following relevant legal terms.

KRR stock traded at AU$0.010 on 10 July 2023, with a market cap of AU$15.53 million.

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