CALGARY, ALBERTA--(Marketwired - April 15, 2014) -
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 (the "Shares").
There were 23,501,666 Shares issued and outstanding as at March 31, 2014. Of this amount, 13,182,615 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 1,318,262 Shares, being equal to 10% of Gamehost's "public float" outstanding on March 31, 2014. Notwithstanding the foregoing, pursuant to the rules of the TSX, Gamehost may not purchase more than 2,402 Shares in any one day, such amount being equal to 25% of the average daily trading volume of the for the six months ended March 31, 2014.
Purchases under the Bid will be made on the open market only 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 April 17, 2014 and will terminate on April 16, 2015 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 purchased 456,350 Shares during the previous 12 months ended March 31, 2014, at a weighted average price of $13.74 per Share (excluding the cost of commissions).
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 has a 91% ownership interest in Deerfoot Inn & Casino Inc. in Calgary.