Gamehost Inc.
TSX : GH

March 08, 2011 09:30 ET

Gamehost Announces Normal Course Issuer Bid for Its Shares

CALGARY, ALBERTA--(Marketwire - March 8, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

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 ("Shares").

There are 21,144,074 Shares issued and outstanding on the date hereof. Of this amount, 10,676,224 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 1,067,622 Shares, being approximately 10% of Gamehost's "public float" outstanding on the date hereof. Notwithstanding the foregoing, pursuant to the rules of the TSX, Gamehost may not purchase more than 1,980 Shares in any one day, such amount being equal to 25% of the average daily trading volume of the Shares (and the units of Gamehost Income Fund, the predecessor of the Corporation) for the six months ended February 28, 2011. 

Purchases under the Bid will be made on the open market through the facilities of the TSX. The price that Gamehost will pay for any Shares purchased by it will be the prevailing market price of the Shares on the TSX 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 March 10, 2011 and will terminate on March 9, 2012 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 interests 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. 

Gamehost has not made any purchases of its Shares (or units of Gamehost Income Fund, the predecessor to the Corporation) during the previous 12 months.

About Gamehost

Gamehost is 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 Boomtown Casino in Ft. McMurray, the Great Northern Casino, Service Plus Inns & Suites hotel and a strip mall all located in Grande Prairie. Gamehost is a 91% joint venture partner in Deerfoot Inn & Casino Inc. in Calgary.

Contact Information

  • Gamehost Inc.
    Craig Thomas
    Chief Financial Officer
    Toll Free (877) 703-4545 or (403) 346-4545
    (403) 340-0683 (FAX)
    or
    Gamehost Inc.
    Darcy J. Will
    Vice President
    Toll Free (877) 703-4545 or (403) 346-4545
    (403) 340-0683 (FAX)
    info@gamehost.ca