SOURCE: Gaming Nation Inc.

January 05, 2016 08:05 ET

Gaming Nation Inc. Announces Intention to Make Normal Course Issuer Bid (Share Buy Back)

TORONTO, ON--(Marketwired - January 05, 2016) - Gaming Nation Inc. (TSX VENTURE: FAN)

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Gaming Nation Inc. ("Gaming Nation" or the "Company") (TSX VENTURE: FAN) announced today that, subject to the approval of the TSX Venture Exchange (the "Exchange" or "TSXV"), it intends to make a normal course issuer bid (the "NCIB") to purchase, at the Company's discretion, up to 3,040,599 common shares of the total issued and outstanding common shares of Gaming Nation.

The NCIB will commence three (3) trading days after the Company receives Exchange approval and will terminate twelve (12) months thereafter or upon the date by which the Company has acquired the maximum number of common shares which may be purchased under the NCIB in accordance with the applicable rules and policies of the Exchange. During the last twelve (12) months, no common shares of the Company have been purchased by Gaming Nation under any normal course issuer bid. The Company may purchase a maximum of 693,136 common shares in a given 30-day period within the applicable NCIB period, being 2% of Gaming Nation's issued and outstanding common shares. All common shares of the Company acquired under the NCIB will be subsequently cancelled. As of the date hereof, there are 34,656,810 common shares issued and outstanding, 30,405,994 of which common shares constitute the public float. Under the NCIB, Gaming Nation may purchase up to 3,040,599 common shares of Gaming Nation, which is 10% of the public float. Gaming Nation, through its broker, will purchase the common shares on the open market through the facilities of the TSXV and otherwise in accordance with the rules and policies of the TSXV.

Although the Company intends to purchase common shares under its NCIB, there are no assurances that any such purchases will be completed. Any such purchases will be made in accordance with the rules and policies of the Exchange by the Company at the prevailing market price at the time of acquisition through the facilities of the Exchange.

The Company is engaging in a normal course issuer bid because it believes its common shares have been trading at prices that may not reflect the underlying value of the Company and future prospects, including its (i) strong financial position and (ii) positive outlook for its electronic 50/50 raffle market expansion. The Company's strong cash position allows for the implementation of the NCIB program without adversely affecting Gaming Nation's growth opportunities. Accordingly, Gaming Nation believes purchasing its common shares at current price levels represents an opportunity to enhance value for all remaining shareholders.

Contact Information

  • Contact: 
    Scott Secord
    Gaming Nation, Inc.
    President and CEO 
    416‐479‐3873