Morien Announces Renewal of Normal Course Issuer Bid
January 30 2020 - 8:00AM
Morien Resources Corp. ("
Morien"
or the "
Company") (TSX-V:MOX), is pleased to
announce that the TSX Venture Exchange ("
TSX-V")
accepted the Company's notice of intention to renew its normal
course issuer bid ("
NCIB") to purchase outstanding
common shares of Morien on the open market in accordance with the
policies of the TSX-V.
Pursuant to the NCIB, Morien may acquire up to
3,926,400 common shares, representing approximately 10% of the
public float of Morien as of January 28, 2020. In the opinion of
the board of directors of Morien, its common shares have been
trading at prices that do not reflect the underlying value of the
Company including its royalty portfolio, its strong financial
position and the growth opportunities. Accordingly, Morien believes
that purchasing and returning its common shares to treasury at
present pricing represents an opportunity to enhance value for its
ongoing shareholders. Morien's cash position allows for the
implementation of the bid without adversely affecting Morien's
other opportunities.
From February 1, 2019 to January 29, 2020,
Morien purchased 1,660,500 of its common shares at an average price
per share of $0.41 under its current NCIB, which expires January
31, 2020. As of January 29, 2020, the Company had 52,903,114 common
shares outstanding, which has not been adjusted for the 41,000
shares to be cancelled on January 31, 2020 as a result of purchases
made in January under the existing NCIB. Under TSX-V policies,
Morien is entitled to purchase, in any 30-day period, up to 2% of
its issued and outstanding shares outstanding at the time of the
purchases, up to the maximum of 3,926,400 shares.
Morien is authorized to make purchases between
February 1, 2020 and January 31, 2021, or on such earlier date as
the NCIB is complete or is terminated at the option of Morien. The
actual number of common shares which will be purchased and the
timing of any such purchases will be determined by the Company. All
shares purchased by the Company will be on the open market through
the facilities of TSX-V by National Bank Financial Inc. acting on
behalf of Morien in accordance with the policies of the TSX-V and
will be surrendered by the Company to its transfer agent for
cancellation. The prices that Morien will pay for any of the common
shares purchased will be the market price of the shares at the time
of acquisition.
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 commenced production in 2017 and the Black Point
Aggregate Project was permitted in 2016 and is progressing toward a
development decision. 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
52,903,114 issued and outstanding common shares and a fully diluted
position of 55,633,114. Further information is available at
www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may
constitute "forward-looking information" as defined under
applicable securities laws. These statements reflect Morien's
current expectations of future revenues and business prospects and
opportunities and are based on information currently available to
Morien. Morien cautions that actual performance will be affected by
a number of factors, many of which are beyond its control, and that
future events and results may vary substantially from what Morien
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
risks and uncertainties described in Morien’s annual information
form filed with the Canadian Securities regulators on SEDAR
(www.sedar.com) on April 26, 2016. Morien cautions that its royalty
revenue will be based on production by third party property owners
and operators who will be responsible for determining the manner
and timing for the properties forming part of Morien’s royalty
portfolio. These third party owners and operators are also subject
to risk factors that could cause actual results to differ
materially from those predicted herein including: volatility in
financial markets or general economic conditions; capital
requirements and the need for additional financing; fluctuations in
the rates of exchange for the currencies of Canada and the United
States; prices for commodities including coal and aggregate;
unanticipated changes in production, mineral reserves and mineral
resources, metallurgical recoveries and/or exploration results;
changes in regulations and unpredictable political or economic
developments; loss of key personnel; labour disputes; and
ineffective title to mineral claims or property. There are other
business risks and hazards associated with mineral exploration,
development and mining. Although Morien believes that the
forward-looking information contained herein is based on reasonable
assumptions, readers cannot be assured that actual results will be
consistent with such statements. Morien expressly disclaims any
intention or obligation to update or revise any forward-looking
information in this news release, whether as a result of new
information, events or otherwise, except in accordance with
applicable securities laws. All dollar values discussed herein are
in Canadian dollars. Any financial outlook or future-oriented
financial information in this news release, as defined by
applicable securities laws, has been approved by management of
Morien as of the date of this news release. Such financial outlook
or future-oriented financial information is provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such outlook or information should not be used for
purposes other than for which it is disclosed in this news
release.
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) 930-0914
www.MorienRes.com
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