Gamehost Announces Normal Course Issuer Bid
2021-07-19 08:01 ET - News Release
CALGARY, AB / ACCESSWIRE / July 19, 2021 / 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 23,028,348 Shares issued and outstanding as at July 7, 2021. Of this amount, 9,403,462 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 1,151,417 Shares, being equal to 5% of Gamehost's issued and outstanding common shares on July 7, 2021. Notwithstanding the foregoing, pursuant to the rules of the TSX, Gamehost may not purchase more than 1,144 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, 2021 which was 4,577 Shares.
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 21, 2021 and will terminate on July 20, 2022 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 916,165 Shares at a weighted average price of $6.04 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 1,528,392 under a bid commencing on July 21, 2020 and ending on July 20, 2021.