Gamehost Announces Normal Course Issuer Bid for Its Shares
Wednesday, July 10, 2019 5:00 PM
Not for distribution to U.S. newswire services or for dissemination in the U.S.
CALGARY, AB / ACCESSWIRE / July 10, 2019 / Gamehost Inc. (TSX: GH) (“Gamehost” or the “Corporation”) announces that the Toronto Stock Exchange ("TSX") has accepted Gamehost's Notice of Intention to Make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Gamehost considers advisable, its issued and outstanding common shares (the "Shares").
There were 24,307,908 Shares issued and outstanding as at July 10, 2019. Of this amount, 15,687,757 Shares constitute the “public float”, calculated in accordance with the rules of the TSX. Pursuant to the Bid, Gamehost intends to purchase for cancellation up to a maximum of 1,568,776 Shares, being equal to 10% of Gamehost's “public float” outstanding on July 10, 2019. Notwithstanding the foregoing, pursuant to the rules of the TSX, Gamehost may not purchase more than 2,214 Shares in any one day, such amount being equal to 25% of the average daily trading volume of the Shares for the six months ended June 30, 2019.
Purchases under the Bid will be made on the open market through the facilities of the TSX and any other Canadian marketplaces. The price that Gamehost will pay for any Shares purchased by it will be the prevailing market price of the Shares on the TSX and other Canadian marketplaces at the time of such purchase. The actual number of Shares that may be purchased under the Bid for cancellation and the timing of any such purchases will be determined by Gamehost.
The Bid will commence on July 15, 2019 and will terminate on July 14, 2020 or such earlier time as the Bid is completed or terminated at the option of Gamehost.
Management of Gamehost believes that, from time to time, the market price of the Shares may not fully reflect their underlying value and that at such times the purchase of Shares would be in the best interest of Gamehost. At times when the market price does not fully reflect the value of the Shares, such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders.
During the previous 12 months, Gamehost purchased 199,045 Shares at a weighted average price of $10.94 per security through the facilities of the TSX and other Canadian marketplaces. Gamehost had received approval from the TSX to purchase up to a maximum of 1,454,465 under a bid commencing on May 29, 2018 and ending on May 28, 2019.
Gamehost is corporation established under the laws of the Province of Alberta. Gamehost’s operations are all located in the Province of Alberta, Canada. Gamehost’s operations include the Boomtown Casino in Ft. McMurray, the Great Northern Casino, Service Plus Inns & Suites and Encore Suites hotels as well as a strip mall all located in Grande Prairie. Gamehost has a 91% ownership interest in Deerfoot Inn & Casino Inc. in Calgary.
Gamehost common shares trade on the Toronto Stock Exchange (TSX) under the symbol GH. For more information, visit www.gamehost.ca. Complete disclosure of the Company can be found on SEDAR at www.sedar.com.
For further information, please contact:
Craig Thomas (Chief Financial Officer) or
Darcy J. Will (Vice President)
Toll Free: (877) 703-4545
Phone: (403) 346-4545
Fax: (403) 340-0683
Email: [email protected]
SOURCE: Gamehost Inc.