Golden Arrow Resources set to buy back own shares

Golden Arrow Resources Corporation (CVE:GRG) (OTCMKTS:GARWF), the South America-focused explorer, is set to buy back up to around 10.6 million of its shares, or 10% of the public float as at March 6, it said. In a statement, the group said it had received the green light from the TSX Venture Exchange to commence a normal course issuer bid, beginning on March 17 and ending on March 16, 2021 or before if the bid has been completed or terminated at Golden Arrow's discretion. READ: Golden Arrow Resources poised to define strong drill targets at Flecha de Oro gold project The firm said it believes the recent share price has not reflected the underlying value of the group's property portfolio and its strong financial position. It added that the buy-back of shares was "in the best interests of the company and its shareholders, as it will increase the proportionate share interest of remaining shareholders." It will mean increased liquidity to the company's shareholders and management believe that there will be long-term benefits to the company with fewer shares issued and outstanding. All shares purchased pursuant to the bid will be made on the open market through PI Financial Corp on behalf of the company, while purchase and payment for the acquired shares will be made by the firm. Golden Arrow is exploring a portfolio that includes advanced projects in Chile, a district-scale frontier opportunity in Paraguay, and more than 185,000 hectares of properties in Argentina. The firm is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993. Contact the author at giles@proactiveinvestors.com