Pantoro Gold rallies after announcing 10% share buyback

The news: Shares in Pantoro Gold rallied in early trade after the Perth-based gold miner announced a 10% on-market share buyback to be conducted over the next 12 months.

Shares rose 8.08% to $5.28 per share at 12:33pm AEDT.

The context: Under the buyback, Pantoro will repurchase up to 10% of its issued shares, equivalent to a maximum of 38,344,473, and does not require shareholder approval.

The company said no shares will be acquired at a price exceeding 5% above the volume-weight average.

What they said: "The buyback will be executed diligently to ensure Pantoro Gold is well positioned to finance organic and inorganic growth opportunities as they arise while continuing to deliver shareholder value,” Pantoro managing director Paul Cmlec said.