VANCOUVER, BC, Aug. 11,
2022 /CNW/ - 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.
In conjunction with the NCIB, the Company has entered into an
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 August 16, 2022, 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.
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: Archer:
Danger Phone, Bud Farm Idle Tycoon, Cheech & Chong Bud Farm, The Goldbergs: Back to the 80s,
It's Always Sunny: The Gang Goes Mobile and Trailer Park Boys
Grea$y Money, RuPaul's Drag Race Superstar and The
Office: Somehow We Manage.
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