TORONTO, ON--(Marketwired - December 14, 2016) -
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 3,223,064 common shares of the total issued and outstanding common shares of Gaming Nation. Purchases pursuant to the NCIB will be made by Canaccord Genuity on behalf of the Company.
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 696,083 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 34,804,147 common shares issued and outstanding, 32,230,637 of which common shares constitute the public float. Under the NCIB, Gaming Nation may purchase up to 3,223,064 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, (ii) positive outlook for 50/50 market expansion (iii) growth in the fantasy sports content business and (iv) the recently announced acquisition of BD Sport Group Ltd., a company that runs the in‐stadium betting services to more than 35 sports stadiums throughout the U.K. and other European countries. Accordingly, Gaming Nation believes purchasing its Common Shares at current price levels represents an opportunity to enhance value for shareholders. The Company's strong cash position allows for the implementation of the NCIB without adversely affecting Gaming Nation's growth opportunities.
ABOUT GAMING NATION INC.:
Gaming Nation Inc. (TSX VENTURE: FAN) provides technology and information platforms to the sports and entertainment industry. The company's platforms include 5050 Central, an electronic real-time raffle system, and sports information websites Fantasy Guru, FantasyGuruElite and Pick Nation.
For more information visit, www.gamingnationinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Gaming Nation Inc.'s control, including the impact of generaleconomic conditions, industry conditions, currency fluctuations, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Gaming Nation Inc. believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Gaming Nation Inc. does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.