FansUnite (CSE: FANS) is set to conduct a share buyback program. The firm this morning announced that it will be seeking approval from the Canadian Securities Exchange to conduct a normal course issuer bid.
Under the proposed program, the company is looking to repurchase up to 5% of the currently issued and outstanding shares. The figure represents a total of 16.1 million shares, which will be repurchased via the open market.
The proposed program is set to begin June 15, and run for a period of up to twelve months. The total amount of shares to be purchased is said to be dependent on market conditions, with share purchases to be facilitated via Research Capital Corp.
The company last reported a cash position of $8.2 million, as of the period ended March 31, 2022. The quarter saw the company’s cash position decline from $14.0 million as of December 31, with much of the funds being consumed by investing activities. The company has not raised funds since July 2021, when it raised gross proceeds of $24.8 million.
FansUnite last traded at $0.19 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
