VANCOUVER, BC, Aug. 11, 2022 /CNW/ - East Side Games Group Inc. (TSX: EAGR) (OTC: EAGRF) ("ESGG" or the "Company") announces that the Toronto Stock Exchange ("TSX") has accepted its notice to proceed with a normal course issuer bid (the "NCIB").
The Company's board of directors believes that the market price of the Company's common shares (the "Shares"), from time to time, may not reflect the inherent value of the Company, and purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of the Company's funds. Any purchases made under the NCIB will be made by the Company subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and other alternative Canadian trading systems.
Pursuant to the notice, during the twelve month period commencing August 16, 2022 and ending August 15, 2023, the Company may purchase up to 4,076,819 of its Shares, representing approximately 5% of its outstanding Shares as of August 2, 2022. Under the NCIB, other than purchases made pursuant to block purchase exemptions, the Company may purchase up to 5,371 Shares on the TSX and other alternative Canadian trading systems during any trading day, which represents approximately 25% of the average daily trading volume of the Shares on the TSX for the past six calendar months, being 21,486 shares per day. The Company may cancel any Shares repurchased under the NCIB, or reserve them for awards under its equity compensation plan.
In conjunction with the NCIB, the Company has entered into an automatic share purchase plan (the "ASPP") with a designated broker to allow for the purchase of its Shares under the NCIB at times when the Company normally would not be active in the market due to applicable regulatory restrictions or internal trading blackout periods. The ASPP has been pre-cleared by the TSX and is effective August 16, 2022, the commencement date of the NCIB. The ASPP constitutes an "automatic securities purchase plan" under applicable Canadian securities laws. Shares purchased under the ASPP will be included in computing the number of Shares purchased under the NCIB. Outside of these internal trading blackout periods, purchases under the NCIB will be made based on management's discretion.
Although the Company intends to purchase Shares under its NCIB, there can be no assurances that any such purchases will be completed.
ABOUT EAST SIDE GAMES GROUP
East Side Games Group (formerly operating under the name "LEAF Mobile Inc.") is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: Archer: Danger Phone, Bud Farm Idle Tycoon, Cheech & Chong Bud Farm, The Goldbergs: Back to the 80s, It's Always Sunny: The Gang Goes Mobile and Trailer Park Boys Grea$y Money, RuPaul's Drag Race Superstar and The Office: Somehow We Manage.
We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. For further information, please visit: www.eastsidegamesgroup.com and join our online communities at LinkedIn, Twitter, Facebook, and Instagram.
Additional information about the Company can be found under its profile at www.sedar.com.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the NCIB and purchases thereunder and the effects of repurchases. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. In particular, purchases made under the NCIB are not guaranteed and may be suspended at the discretion of the Company. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.
SOURCE East Side Games Group
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/11/c9788.html