VANCOUVER, BC, Dec. 2, 2024
/CNW/ - East Side Games Group Inc. (TSX: EAGR) (OTC: EAGRF)
("ESGG" or the "Company") announces the renewal of
its 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 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 favorable
market conditions at the prevailing market price at the time of
acquisition through the facilities of the Toronto Stock Exchange
(the "TSX") and other alternative Canadian trading
systems.
The Company's board of directors has approved such renewal, and
the TSX has accepted the Company's notice of intention to commence
with a new NCIB for a one-year period. This enables the Company to
purchase up to 4,076,819 of its Shares, representing approximately
5% of its outstanding Shares as of November
20, 2024, over the next 12 months commencing December 4, 2024, and ending December 3, 2025 in accordance with the
applicable policies of the TSX and securities laws.
Under the NCIB, other than purchases made pursuant to block
purchase exemptions, the Company may purchase up to 3,673 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 14,695 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 renewed its
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 December 4, 2024, 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.
The Company previously purchased a total of 2,129,035 shares out
of the 4,076,819 shares authorized under the previous NCIB, which
commenced on November 16, 2023, and
terminated on November 15, 2024, at a
volume-weighted average price per share of $0.663. All shares were purchased on the open
market through the facilities of the Toronto Stock
Exchange. As of November 20,
2024, the Company had 81,536,394 common shares issued and
outstanding.
ABOUT EAST SIDE GAMES GROUP
East Side Games Group is a leading free-to-play mobile game
group, creating engaging games that produce enduring player
loyalty. Our studio groups entrepreneurial culture is anchored in
creativity, execution, and growth through licensing of our
proprietary Game Kit software platform that enables professional
game developers to greatly increase the efficiency and
effectiveness of game creation in addition to organic growth
through a diverse portfolio of original and licensed IP mobile
games that include: The Office: Somehow We Manage, Star Trek:
Lower Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor
Who: Lost in Time, RuPaul's Drag Race Superstar, AEW: Rise to The
Top, Cheech and Chong Bud Farm,
and Trailer Park Boys: Grea$y
Money.
We are headquartered in Vancouver,
Canada and our games are available worldwide on the App
Store and Google Play. Additional information about the
Company can be found under its legal name, East Side Games Group
Inc., at www.sedar.com.
Forward-looking Information
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 Inc.
