FansUnite Entertainment Inc. (OTCQX: FUNFF) (CSE: FANS) (“FansUnite” or the “Company”) is pleased to announce its intention to initiate a normal course issuer bid (the “NCIB”) with respect to its common shares (“Shares”) through the facilities of the Canadian Securities Exchange (the “CSE”).
Under the terms of the NCIB, the Company may purchase up to 16,115,728 Shares, representing 5% of the issued and outstanding shares of that class as of the date of this news release, through the facilities of the CSE and other applicable exchanges. The NCIB will commence on June 15, 2022, (the “Commencement Date”) and may extend for a period of up to 12 months from the Commencement Date.
The actual number of Shares purchased under the NCIB, the timing of the purchases, and the price per share will depend on market conditions and shall be in compliance with CSE policy and National Instrument 62-104 Take-Over Bids and Issuer Bids. All purchases by the Company under the NCIB will be made through Research Capital Corporation, as broker dealer of the Company, and all Shares purchased under the NCIB will be canceled.
The Company proposes to commence 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 and 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.
About FansUnite Entertainment Inc.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming. FansUnite’s one-of-a-kind iGaming platform Chameleon offers operators a full suite of gaming solutions with a sports and esports focus geared for the next generation of online bettors and casino players. Along with providing B2B technology solutions, FansUnite operates multiple B2C brands, such as Scottish sportsbook McBookie and Brazilian esportsbook VamosGG, and produces casino style slot games under its Askott Games subsidiary. FansUnite is the parent company of North American-focused American Affiliate, which operates leading affiliate brands such as Betting Hero, Props.com, Wagers.com and BetPrep.