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FansUnite Announces Renewal of Normal Course Issuer Bid
FansUnite Announces Renewal of Normal Course Issuer Bid.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - June 16, 2023) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) (\"FansUnite\" or the \"Company\") is pleased to announce it has received approval from the Toronto Stock Exchange (the \"TSX\") to renew its normal course issuer bid (the \"NCIB\") for a 12-month period.Under the terms of the renewed NCIB, FansUnite may purchase up to 17,898,515 common shares of the Company (the \"Shares\"), representing 5% of the 357,970,305 issued and outstanding Shares as of June 14, 2023. The NCIB will commence on June 20, 2023, (the \"Commencement Date\") and may extend for a period of up to 12 months from the Commencement Date. The number of Shares to be purchased per day, other than purchases made pursuant to the block purchase exception, will be limited to 57,910 Shares, which represents 25% of the average daily trading volume of 231,642 Shares on the TSX for the six months ending May 31, 2023. The Company intends to acquire 7,000,000 shares under the NCIB, representing approximately 1.96% of the issued and outstanding Shares. The actual number of Shares purchased under the NCIB and the timing of the purchases will depend on market conditions and cash available, and shall be in compliance with TSX rules and policies, and National Instrument 62-104 Take-Over Bids and Issuer Bids. Purchases will be made on the open market through the facilities of TSX, other designated exchanges and/or alternative trading systems in Canada and the United States. All purchases by the Company under the NCIB will be made through Research Capital Corporation, as broker dealer of the Company, using FansUnite's existing cash resources, and all Shares purchased under the NCIB will be cancelled.The Company proposes to renew the NCIB because it believes that the market price of the Shares may not, from time to time, fully reflect their value and accordingly, the purchase of the Shares would be in the best interest of the Company as well as an attractive and appropriate use of available funds. It is expected that any purchases made by the Company could also enhance value and liquidity for its shareholders.Under its prior NCIB, which commenced on June 15, 2022 and ended on June 14, 2023, FansUnite obtained approval to purchase up to a total of 10,000,000 Shares, of which the Company purchased 552,000 Shares at a vo...