Irvine-based Spectrum Group International Inc. is raising $37 million by issuing 19.7 million additional shares of its common stock to its current shareholders.

Spectrum Group is a global trading and collectibles network, which trades precious metals and auctions coins and stamps, among other things. It also is a lender to coin dealers, collectors and investors.

The offering price of $1.90 per share is a penny lower than its closing price on the last trading day before the announcement.

Spectrum Group is expected to use the newly raised capital to buy back its stock from its largest shareholders, Madrid, Spain-based Afinsa Bienes Tangibles, S.A. En Liquidacion and its subsidiary Auctentia S.L. Afinsa is among the largest collectibles company in the world.

The stock repurchase agreement, which was made in March, will cost Spectrum Group $58.25 million in cash.

Afinsa and Auctentia together have owned a majority of Spectrum Group’s common stock since 2003, and now own about 18.6 million shares, which make up 57% of total shares outstanding. Auctentia also owns 20% of Spectrum PMI, a subsidiary of Spectrum Group.

The transaction includes 18.3 million shares held by Auctentia and 271,514 shares by Afinsa. The shares of Spectrum PMI are also to be bought back.

The timeline for the deal gives the involved companies until July 15 to complete the transaction.

Spectrum Group’s stock trades over the counter. Its first quarter revenue was $1.86 billion, a 16% increase from the year-earlier quarter.

The company swung to a loss of $621,000 in the latest quarter. It had made $2.5 million in the year-ago period.