Gran Tierra Energy (GTE) has released an update.
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Gran Tierra Energy Inc. has secured approval from the Toronto Stock Exchange to initiate a normal course issuer bid, allowing the company to buy back up to 10% of its public float over the next year. This move is part of an Automatic Share Purchase Plan aimed at purchasing shares when regulatory restrictions prevent it, potentially benefiting shareholders by increasing share value. The company believes its shares are undervalued, and this strategy could enhance shareholder value through share cancellations or satisfying equity incentive plans.
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