TSX- and NYSE-listed Osisko Gold Royalties on Monday announced that it had completed an initial investment of C$9.8-million towards its normal course issuer bid (NCIB) for 849 480 shares and that it had repaid $43-million on its revolving credit facility.

The share repurchases were completed as an initial investment towards the company’s previously announced intention to deploy up to C$100-million towards purchases under its NCIB.

Osisko announced in December that, in light of market conditions, it believed the company’s shares were an attractive investment opportunity.

The number of common shares that may be repurchased and the timing of such purchases will be determined by the company.

Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors. Any securities acquired under the NCIB of the company will be cancelled, the statement said on Monday.

Following the debt reimbursement, only C$30-million remains drawn on the company’s C$350-million revolving credit facility as at December 31, 2018, which has an additional uncommitted accordion of up to $100-million for a total available facility size of C$450-million.

The facility is available until November 14, 2022, and may be extended by one year on each anniversary date.

Osisko board chairperson and CEO Sean Roosen says the company is “aggressively redeploying the C$159.4-million in proceeds received from Pretium Exploration for the repurchase of the Brucejack gold and silver stream, towards our debt reduction programme and remain firmly committed to repurchasing our shares in light of current valuation levels, while maintaining financial flexibility to pursue near term cash flow generating value creation opportunities”.

As at December 31, 2018, Osisko had about $1-billion in cash resources, credit facilities, and investments in equities available for the acquisition of streams and royalties.