Morien Announces Quarterly Dividend
February 26 2020 - 7:30AM
Morien Resources Corp. ("Morien" or the "Company") (TSXV:MOX), is
pleased to announce that its Board of Directors (the "Board")
declared a dividend of $0.0025 (one quarter of one cent) per common
share for the first quarter of 2020. The dividend will be
paid on March 27, 2020 to shareholders of record at the close of
business on March 12, 2020.
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
ULC, the owner and operator of the Donkin Mine. The Company’s
Q1 2020 dividend payment will qualify as an ‘eligible dividend’ for
Canadian income tax purposes.
About Morien
Morien is a Canadian 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 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 52,862,114 issued and outstanding common shares and a fully
diluted position of 55,592,114. 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 (including
assumptions relating to economic, market and political conditions,
the Company’s working capital requirements and the accuracy of
information supplied by the operators of the properties in which
the Company has a royalty interest), 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 & CEOPhone: (902) 403-3149
dbrisco@MorienRes.comorJohn P.A. Budreski, Executive ChairmanPhone:
(416) 930-0914www.MorienRes.com
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