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Sandstorm may purchase up to 5,882,879 of its common shares, representing 5% of the Company’s issued and outstanding common shares of 117,657,587 as of December 11, 2014.
Daily purchases will not exceed 76,945 common shares, subject to the Company’s ability to make block purchases under the rules of the TSX. No share purchases have been made by the Company pursuant in the last twelve months.
The NCIB provides Sandstorm with the option to purchase the Company’s common shares from time to time when Sandstorm’s management believes that the common shares are undervalued by the market.
http://www.heraldonline.com/2014/12/15/6624280/sandstorm-gold-announces-normal.html