Morien Receives $935,000 on Sale of US Land Holdings
September 03 2019 - 8:30AM
Morien Resources Corp. ("
Morien"
or the "
Company") (
TSXV:MOX)
announced today the sale of its remaining land holdings in Hancock
County, Georgia, USA to a Georgia-based individual for
approximately CAD $935,000 in cash, after deducting transaction
related costs.
The sale was completed through Advanced Primary
Minerals USA Corp. (“APMUSA”), a wholly owned subsidiary of Morien.
The land holdings were inherited from a predecessor company to
Morien and had been deemed a non-core asset. Morien has
sufficient non-capital losses carried forward within APMUSA to
offset the capital gain on the Company’s sale of the land. This
transaction has increased Morien’s working capital position to
approximately $3.5 million.
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 53,081,864 issued and outstanding
common shares and a fully diluted position of 56,406,114. 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) 466-7255Mobile: (902)
403-3149 dbrisco@MorienRes.comorJohn P.A. Budreski, Executive
ChairmanPhone: (416) 930-0914www.MorienRes.com
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