VANCOUVER, BC, Nov. 14,
2023 /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
10, 2023, over the next 12 months commencing November 16, 2023 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 3,330 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 13,321 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 November 16, 2023, 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 733,879 shares out
of the 4,076,819 share authorized under the previous NCIB, which
commenced on August 15, 2022 and
terminated on August 14, 2023, at a
volume weighted average price per share of $0.95. All shares were purchased on the open
market through the facilities of the Toronto Stock Exchange.
ABOUT EAST SIDE GAMES
GROUP
East Side Games Group (formerly operating under the name "LEAF
Mobile Inc.") is a leading free-to-play mobile game group, creating
engaging games that produce enduring player loyalty. Our studio
groups entrepreneurial culture is anchored in creativity,
execution, and growth through licensing of our proprietary Game Kit
software platform that enables professional game developers to
greatly increase the efficiency and effectiveness of game creation
in addition to organic growth through a diverse portfolio of
original and licensed IP mobile games that include: Bud Farm
Idle Tycoon, Cheech & Chong Bud
Farm, Trailer Park Boys Grea$y Money, RuPaul's Drag Race
Superstar, The Office: Somehow We Manage, Star Trek: Lower Decks --
The Badgey Directive, and Doctor Who: Lost in Time.
We are headquartered in Vancouver,
Canada and our games are available worldwide on the App
Store and Google Play. For further information, please visit:
www.eastsidegamesgroup.com and join our online communities at
LinkedIn, Twitter, Facebook, and Instagram.
Additional information about the Company can be found under its
profile 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.