Hunt Gold Corporation announced today that it intends to implement a stock repurchase and cancellation program. The stock buyback program would be funded through a loan secured against part of the proceeds of the sale of its “Lookout Silver” interests. The company promised to inform investors of the details of this program.
Hunt Gold believes the stock market has massively undervalued the company at this time and that a significant reduction in the amount of outstanding shares of its Common Stock will do much to rectify this huge discount.
In the press release, the company reaffirmed that proceeds from the sale of the “Lookout Silver” Mine package were in the amount of US$65 million. Hunt Gold anticipates receiving the proceeds in quoted Company Stock within three weeks now that the transaction has been completed.
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