(MENAFN- GlobeNewsWire - Nasdaq) itemprop="articleBody">HALIFAX, Nova Scotia, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Morien Resources Corp. ("Morien" or the "Company") (TSXV:MOX), is pleased to announce that its Board of Directors have declared a dividend of $0.0025 (one quarter of one cent) per common share for the forth quarter of 2018, and to announce the promotion of Mr. Dawson Brisco to President and Chief Executive Officer.
Quarterly Dividend
Morien's Board of Directors (the "Board") have declared a dividend of $0.0025 (one quarter of one cent) per common share to be paid on December 21, 2018 to shareholders of record at the close of business on December 7, 2018.
It is Morien's current intention to pay a quarterly dividend of $0.0025 per common share in Q1 2019. As the Donkin Coal Mine scales up production, it is anticipated that quarterly dividends will be calculated as a high percentage of cash flow available for distribution, 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 any future dividends remain at the discretion of the Board.
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, owner and operator of the Donkin Coal Mine.
The Company's dividend payments will qualify as an 'eligible dividend' for Canadian income tax purposes.
Changes to Executive Management Team
Mr. Brisco was appointed as President of Morien in May 2018, and prior to that led the Company's business and corporate development efforts since its formation in 2012. The expansion of Mr. Brisco's management responsibilities, and his promotion to President and CEO, recognizes his valuable skillset and the meaningful contributions he has made to Morien's growth. He is a Professional Geologist with over 15 years of mining industry experience in a variety of roles, and holds a Honours Bachelor of Science degree in Geology from Saint Mary's University in Halifax, Nova Scotia.
Mr. John P. A. Budreski, who resigned as CEO, will continue with Morien as Executive Chairman.
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 53,535,114 issued and outstanding common shares and a fully diluted position of 57,727,614. 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 ( 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 & CEO
Phone: (902) 403-3149
or
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914
<>
MENAFN2911201800703653ID1097764815
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.