According to the CRG page on the Canadian Insider web site (http://www.canadianinsider.com/node/7?ticker=CRG), 3,500 shares of CRG were purchased @ $0.683 on Sept. 24th and subsequently cancelled. As a reminder, on July 9th, 2012 the TSX approved Corona's plan to buy back shares... "Pursuant to the issuer bid, Corona may purchase for cancellation up to 1,220,166 of its outstanding common shares during the 12-month period commencing July 16, 2012 and ending July 15, 2013."
Even though the share repurchase has definitely been underwhelming so far, let's hope this buying is just the tip of iceberg and we'll see a steady pattern of purchases over the next few months. Management do appear to exhibit extreme patience with their own portfolio of junior miners and certainly haven't been guilty of chasing stocks down in the past couple years. Seems like they're not going to chase their own stock up either for the time being... but a slow and steady accumulation would be nice. Take a look at Nevsun [NSU-TSX] using Canadian Insider for a beautiful example of how this strategy can work wonders.
Today we have a market cap of $14.1-million... most would have to agree we're grossly undervalued as CRG is sitting on a health cash balance of $16.8-million (as of June 30, 2012) AND a portfolio of stock investments with a current market value of between about $12 to $13-million. Liabilities ($816,000) and admin budget ($200,000) for the rest of 2012 total only $1-million. In my opinion, the only risk in buying more CRG at these levels is that there han't yet been a catalyst to propel the price higher. A steady stream of share repurchases would provide the spark.... so keep a watchful eye on the Canadian Insider site.
Anyone have thoughts on what else would cause a flurry of buying in CRG?