Morien Announces Quarterly Dividend and Results of Annual and Special Meeting
May 23 2019 - 12:15PM
Morien Resources Corp. ("
Morien"
or the "
Company") (
TSXV:MOX) is
pleased to announce that its board of directors (the
"
Board") has declared a dividend of $0.0025 (one
quarter of one cent) per common share for the second quarter of
2019. The dividend will be paid on June 27, 2019 to
shareholders of record at the close of business on June 10, 2019.
Morien is also pleased to announce its shareholders voted in favour
of all items of business brought before them at the Company's
Annual and Special Meeting of Shareholders held on May 22, 2019 in
Halifax, Nova Scotia. Details of the Company’s dividend plans and
AGM results are provided below.
Dividend
Morien’s quarterly dividend is intended to be
step-variable in relation to Donkin Mine production expansion and
coal price, having regard to the stability of cash flow and the
need to maintain flexibility to secure new royalty assets.
However, the declaration, amount and timing of future
dividends will be subject to the Board’s determination that the
payment of a dividend is in the best interest of Morien and its
shareholders, having regard to the Company’s cash reserves,
anticipated financial requirements, legal requirements for the
declaration of dividends and other conditions existing at such
time, including forward production guidance from Kameron
Collieries, owner/operator of the Donkin Mine. The Company’s Q2
2019 dividend payment will qualify as an ‘eligible dividend’ for
Canadian income tax purposes.
Results of Annual and Special Meeting of
Shareholders
Election of Directors
The number of directors was set by the Board at
four, with John Budreski, John Byrne, Charles Pitcher and William
Ritchie re-elected to the Company's Board for the ensuing
year.
Following the AGM, the Board confirmed the
appointment of Morien’s executive officers, namely: Executive
Chairman – John Budreski; President and Chief Executive Officer –
Dawson Brisco; Chief Financial Officer – Susanne Willett; and
Corporate Secretary – Suzan Frazer.
Appointment of Auditor
KPMG LLP was re-appointed as the Company’s
auditor to hold office until the next annual meeting of
shareholders or until its successor is duly appointed, at a
remuneration to be fixed by the Board.
Approval of Stock Option Plan
The shareholders also approved the renewal of
the Company's 10% rolling incentive stock option plan in accordance
with the rules and policies of the TSX Venture Exchange
("TSX-V").
Approval of Shareholder Rights Plan
The shareholders approved the resolution to
approve the Company’s shareholder rights plan ("Rights
Plan"), which was adopted by the Board to provide the
Board and shareholders with sufficient time to properly consider
any future take-over bids made for the Company. The Rights Plan
will eliminate undue pressure on the Board and shareholders, allow
enough time for competing bids and alternative proposals to emerge,
and ensure that all shareholders will be treated fairly and equally
in any take-over bid made for the Company. The Rights Plan was not
adopted in response to any proposal to acquire control of the
Company. Under the rules of the TSX-V the shareholders of Morien
must affirm the Rights Plan every three years.
About Morien
Morien is a Canada based, dividend paying,
mining development company that holds royalty interests in two,
long life, world class, tidewater accessed projects. The Donkin
Coal Mine, which Morien has a scaled 2% to 4% production royalty
on, commenced production in 2017 and is paying royalties to Morien.
The Black Point Aggregate Project, permitted in 2016, is
progressing toward a development decision and is paying advanced
minimum royalties to Morien. Morien’s management team exercises
ruthless discipline in managing both the assets and liabilities of
the Company. The Company’s management and its board of directors
consider shareholder returns to be paramount over corporate size,
number or scale of assets and industry recognition. Morien has
53,793,864 issued and outstanding common shares and a fully diluted
position of 57,220,614. Further information is available at
www.MorienRes.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For more information, please
contact:Dawson Brisco, President & CEOOffice: (902)
423-6419Mobile: (902) 403-3149 dbrisco@MorienRes.comorJohn
P.A. Budreski, Executive ChairmanPhone: (416)
930-0914www.MorienRes.com
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