In the news release, Wheaton Precious Metals Announces a 20%
Increase in the Fourth Quarterly Dividend of 2020, issued
09-Nov-2020 by Wheaton Precious
Metals Corp. over CNW, we are advised by the company that the
anticipated ex-dividend trading date noted in the 2nd paragraph
should read "November 23, 2020" rather than "December 8, 2020" as
originally issued inadvertently. The complete, corrected release
follows:
Wheaton Precious Metals Announces a 20% Increase in the Fourth
Quarterly Dividend of 2020
DIVIDEND DECLARATION
TSX: WPM
NYSE: WPM
LSE: WPM
VANCOUVER, BC, Nov. 9, 2020 /PRNewswire/ - Wheaton Precious
Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce
that its Board of Directors has declared its fourth quarterly cash
dividend payment for 2020 of US$0.12
per common share, a 20% increase relative to the prior period
dividend.
Fourth Quarterly Dividend
The
fourth quarterly cash dividend for 2020 of gross US$0.12 will be paid to holders of record of
Wheaton Precious Metals common shares as of the close of business
on November 25, 2020 and will be
distributed on or about December 10,
2020 with an ex-dividend trading date anticipated to be
November 23, 2020.
Under the Company's dividend policy, the quarterly dividend per
common share is targeted to equal approximately 30% of the average
cash generated by operating activities in the previous four
quarters divided by the Company's then outstanding common shares,
all rounded to the nearest cent. To minimize volatility in
quarterly dividends, the Company has set a minimum quarterly
dividend of $0.10 per common share
for the duration of 2020 representing an 11% increase relative to
2019. Under this policy, the forecast annualized dividend for 2020
would represent an increase of more than 90% over a five-year
period.
The declaration, timing, amount and payment of future dividends
remain at the discretion of the Board of Directors. This dividend
qualifies as an 'eligible dividend' for Canadian income tax
purposes.
Dividend Reinvestment Plan
The Company has
previously implemented a Dividend Reinvestment Plan ("DRIP").
Participation in the DRIP is optional. For the purposes of this
fourth quarterly dividend, the Company has elected to issue
common shares under the DRIP through treasury at a 1% discount to
the Average Market Price, as defined in the DRIP. However, the
Company may, from time to time, in its discretion, change or
eliminate the discount applicable to Treasury Acquisitions, as
defined in the DRIP, or direct that such common shares be purchased
in Market Acquisitions, as defined in the DRIP, at
the prevailing market price, any of which would be publicly
announced.
The DRIP and enrollment forms, including direct deposit, are
available for download on the Company's website at
www.wheatonpm.com, accessible by quick links directly from the home
page, and can also be found in the 'investors' section, under the
'dividends' tab.
Registered shareholders may also enroll in the DRIP online
through the plan agent's self-service web portal at:
https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/IssuerDetail.jsp?companyCode=1501.
Beneficial shareholders should contact their financial
intermediary to arrange enrollment, where available. All
shareholders considering enrollment in the DRIP should carefully
review the terms of the DRIP and consult with their advisors as to
the availability of and implications of enrollment in the DRIP.
This press release is not an offer to sell or a solicitation of
an offer of securities. A registration statement relating to the
DRIP has been filed with the U.S. Securities and Exchange
Commission and may be obtained under the Company's profile on the
U.S. Securities and Exchange Commission's website at
http://www.sec.gov. A written copy of the prospectus included in
the registration statement may be obtained by contacting the
Corporate Secretary of the Company at 1021 West Hastings Street,
Suite 3500, Vancouver, British
Columbia, Canada V6E 0C3.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation concerning
the business, operations and financial performance of Wheaton.
Forward-looking statements, which are all statements other than
statements of historical fact, include, but are not limited to,
statements with respect to future dividends. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Wheaton to be materially
different from those expressed or implied by such forward-looking
statements including risks discussed in the section entitled
"Description of the Business – Risk Factors" in Wheaton's Annual
Information Form available on SEDAR at www.sedar.com, , Wheaton's
Form 40-F for the year ended December 31,
2019 and Form 6-K filed March 11,
2020 both on file with the U.S. Securities and Exchange
Commission on EDGAR and Wheaton's Management's Discussion and
Analysis for the three months ended March
31, 2020 and nine months ended September 30, 2020, both available on SEDAR at
www.sedar.com and Form 6-Ks filed May 7,
2020 and November 9, 2020,
both available on EDGAR.. Forward-looking statements are based on
assumptions management currently believes to be reasonable,
including (without limitation) that there will be no material
adverse change in the market price of commodities, that neither
Wheaton nor the Mining Operations will suffer significant impacts
as a result of an epidemic (including the COVID-19 virus pandemic),
that the mining operations from which Wheaton purchases precious
metals will continue to operate, that each party will satisfy their
obligations in accordance with the precious metals purchase
agreements and that Wheaton's application of the CRA Settlement for
years subsequent to 2010 is accurate (including the Company's
assessment that there will be no material change in the Company's
facts or change in law or jurisprudence for years subsequent to
2010).
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SOURCE Wheaton Precious Metals Corp.