Business
Great Canadian Gaming Announces Normal Course Issuer Bid for 5.25% Senior Unsecured Debentures
Great Canadian Gaming Announces Normal Course Issuer Bid for 5.25% Senior Unsecured Debent...
About this update from Goldcana Resources Inc.
[{"type":"text","content":"\n\n\n\nGreat Canadian Gaming Announces Normal Course Issuer Bid for 5.25% Senior Unsecured Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, June 2, 2020\n\n\n\nTORONTO, June 2, 2020 /CNW/ - Great Canadian Gaming Corporation (TSX: GC)  (\"GCGC\" or the \"Company\") announced today that the Toronto Stock Exchange (the \"TSX\") has accepted the notice of GCGC's intention to commence a normal course issuer bid (the \"NCIB\") of the 5.25% Senior Unsecured Debentures (the \"Debentures\") (TSX: GC.DB).\nThe NCIB allows the Company to purchase up to $18,900,000 aggregate principal amount of its 5.25% Debentures (representing approximately 10% of its public float of $189,000,000 aggregate principal amount of Debentures) as of May 29, 2020, in each case, over a period of twelve months commencing on June 5, 2020. The NCIB will expire no later than June 4, 2021.\nUnder the NCIB, Debentures may be repurchased in open market transactions on the TSX, and/or alternative Canadian trading systems, or by such other means as may be permitted by the TSX and applicable securities laws and in accordance with the rules of the TSX governing NCIBs. The total number of Debentures that GCGC is permitted to purchase is subject to a daily purchase limit based on TSX regulations. Any Debentures that are purchased under the NCIB will be subsequently cancelled upon their purchase by the Company.\nThe average daily trading volume for the period commencing March 2, 2020 until May 29, 2020 was $602,000 principal amount of Debentures. Under the NCIB, the maximum number of securities that GCGC may purchase on a daily basis (subject to certain prescribed exceptions) is $150,000 principal amount of the Debentures ($301,000 principal amount through June 30, 2020 based on relief provided under TSX Staff Notice 2020-0002). The actual number of Debentures purchased for cancellation and the timing of such purchases will be determined by the Company. There cannot be any assurance as to how many Debentures will ultimately be acquired by GCGC under the NCIB.\nManagement of G...