CALGARY, AB / ACCESSWIRE / August 10, 2023 / 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 21,706,492 Shares issued and outstanding as at July 31, 2023. Of this amount, 10,506,686 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 1,085,324 Shares, being equal to 5% of Gamehost's issued and outstanding Shares on July 31, 2023. Notwithstanding the foregoing, pursuant to the rules of the TSX, Gamehost may not purchase more than 2,445 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 July 31, 2023 which was 9,780 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 August 14, 2023 and will terminate on August 13, 2024 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 756,256 Shares at a weighted average price of $8.26 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 1,124,654 under a bid commencing on July 21, 2022 and ending on July 20, 2023.
Gamehost is a 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 Rivers Casino & Entertainment Centre 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, and the 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
SOURCE: Gamehost Inc.