Morien Announces Change of Broker for Normal Course Issuer Bid
December 12 2022 - 12:00PM
Morien Resources Corp. ("
Morien"
or the "
Company") (TSX-V:MOX), today announced
that the TSX Venture Exchange ("
TSX-V") accepted
the Company's notice to amend the terms of its normal course issuer
bid ("
NCIB") by changing its broker to CIBC World
Markets Inc.
Pursuant to its NCIB, which was announced on
January 28, 2022, Morien may acquire up to 3,763,300 common shares,
representing approximately 10% of the public float of Morien as of
January 21, 2022. 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 3,763,300 shares. As of November 30, 2022, the
Company had 50,739,114 common shares outstanding.
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.
Morien is authorized to make purchases until
January 31, 2023, 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
the TSX-V. Beginning December 13, 2022, all such purchases will be
made by CIBC World Markets 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, mining development
company that holds royalty interests in two tidewater accessed
projects. The Donkin Coal Mine recommenced production in 2022, and
the Black Point Aggregate Project, permitted in 2016, is awaiting 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 consider shareholder returns to
be paramount over corporate size, number or scale of assets and
industry recognition. The Company has 50,739,114 issued and
outstanding common shares and a fully diluted position of
54,789,114. 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 documents filed by Morien with
the Canadian securities regulators on SEDAR (www.sedar.com) from
time to time. 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.com
or
John P.A. Budreski, Executive ChairmanPhone: (416)
930-0914jbudreski@morienres.com
Morien Resources (TSXV:MOX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Morien Resources (TSXV:MOX)
Historical Stock Chart
From Jul 2023 to Jul 2024