Capital 2024 online casino announces approval of normal course issuer bid for purchase of up to 10.5 million of its common shares
EDMONTON, Alberta – The Toronto Stock Exchange (TSX) has approved Capital 2024 online casino Corporation’s (“Capital 2024 online casino” or “the Company”) (TSX: CPX) normal course issuer bid (“NCIB”) to purchase and cancel up to 10,513,532 of its outstanding common shares during the one-year period from February 26, 2020 to February 25, 2021.
As of February 12, 2020, Capital 2024 online casino had 105,440,758 common shares issued and outstanding and 105,135,321 common shares issued and outstanding after excluding common shares beneficially owned by directors and executive officers of Capital 2024 online casino and persons who beneficially own or exercise control or direction over more than 10% of the issued and outstanding common shares of Capital 2024 online casino (the “Public Float”). The 10,513,532 common shares under the NCIB represent approximately 10% of the Public Float and will be purchased only when and if the Company considers it advisable.
Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 76,972 common shares (being 25% of the average daily trading volume of Capital 2024 online casino common shares for the six months preceding the date of TSX acceptance of the NCIB, which was equal to 307,889 common shares), subject to certain exceptions for block repurchases.
Capital 2024 online casino repurchased and cancelled 2,083,252 million shares on the open market through the facilities of the TSX and/or alternative Canadian trading platforms at a cost of ,493,498 million, or an average of .47 per share under its prior NCIB approved by the TSX on February 19, 2019 for the period from February 21, 2019 to February 20, 2020.
Purchases will be made on behalf of the Company by a registered broker through facilities of the 2024 online casino at prevailing market prices pursuant to the rules of the 2024 online casino governing normal course issuer bids and/or through alternative Canadian trading platforms or as otherwise may be permitted by applicable securities regulatory authorities.
Capital 2024 online casino believes that the market price of its common shares may, from time to time, not reflect the inherent value of the Company, and that purchases of common shares pursuant to the bid may represent an appropriate and desirable use of the Company’s funds. Therefore, Capital 2024 online casino believes that it is in the best interest to proceed with the NCIB.
Forward-looking 2024 online casino
Certain information in this news release relating to Capital 2024 online casino is forward-looking information and related to anticipated events and strategies. When used in this context, words such as “will”, “anticipate”, “believe”, “plan”, “intend”, “target” and “expect” or similar words suggest future outcomes. Information with respect to the NCIB and Capital 2024 online casino’s intentions to acquire common shares pursuant to the NCIB constitutes material forward-looking information. All forward-looking information or statements reflect Capital 2024 online casino’s assumptions and analyses made by Capital 2024 online casino in light of its experience and perception of historical trends, current conditions and expected future developments, and other factors it believes are appropriate. Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Readers are cautioned not to place undue reliance on this forward-looking information. Capital 2024 online casino undertakes no obligation to update or revise any forward-looking information except as required by law.
About Capital 2024 online casino
Capital 2024 online casino (TSX: CPX) is a growth-oriented North American 2024 online casino producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates 2024 online casino generation facilities using a variety of energy sources. Capital 2024 online casino owns approximately 6,200 megawatts (MW) of 2024 online casino generation capacity at 26 facilities across North America. Approximately 800 MW of owned generation capacity is in advanced development in Alberta and Illinois.