East Side Games Group (TSX:EAGR, OTCQB:EAGRF) Inc said that the Toronto Stock Exchange (TSX) has accepted its notice to proceed with a normal course issuer bid (NCIB).
The company said its board of directors believes that the market price of its shares from time to time may not reflect the inherent value of the business, and purchases of shares pursuant to the NCIB may represent an appropriate and desirable use of the company's funds.
Per the notice, during the 12 months commencing August 16, 2022, the company may purchase up to 4,076,819 of its shares, about 5% of its outstanding shares as of August 2, 2022.
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Under the NCIB, East Side Games Group (TSX:EAGR, OTCQB:EAGRF) 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 months.
Further, in conjunction with the NCIB, the company has entered into an automatic share purchase plan with a designated broker to allow for the purchase of its shares when the company normally would not be active in the market due to applicable regulatory restrictions or internal trading blackout periods.
Full details of the NCIB can be found here.
East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty.
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