11/08/2022
East Side Games Group Announces Normal Course Issuer Bid
Vancouver, BC, August 11, 2022 – 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.
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