Mart Announces $0.015 Per Common Share Dividend
30 Juin 2014 - 2:30PM
Marketwired
Mart Announces $0.015 Per Common Share Dividend
CALGARY, ALBERTA--(Marketwired - Jun 30, 2014) - Mart Resources,
Inc. (TSX-VENTURE:MMT) ("Mart" or the "Company") is pleased to
announce the declaration of a quarterly dividend of $0.015 (one and
one-half cents) per common share. The dividend is designated as an
eligible dividend for the purposes of the Income Tax Act
(Canada) and will be paid on July 28, 2014 to shareholders of
record at the close of business on July 18, 2014. The ex-dividend
date is July 16, 2014.
Pursuant to the Company's dividend policy, the declaration of
regular quarterly dividends is determined quarterly based upon
Mart's cash flows, liquidity, capital expenditure budgets,
earnings, financial condition and other factors as the Board of
Directors may consider appropriate from time to time. In view of
Mart's ongoing drilling program on the Umusadege field, additional
capital required for the possible acquisition of a participating
interest in a Nigerian oil mining lease, and uncertainty regarding
timing of first oil through the Umugini Pipeline, Mart's Board of
Directors have reduced the dividend this quarter to preserve cash
to fund the capital needs of the Company's ongoing business and
growth opportunities.
Share Dividend Plan and
Enrollment
Mart's shareholders may receive dividend payments in the form of
cash or common shares through the Company's recently adopted Share
Dividend Program ("SDP"). Participation in the SDP is optional.
Shareholders will continue to receive dividend payments in cash
unless they chose to participate in the SDP. Shareholders wishing
to participate in the SDP should contact their broker or
intermediary or, in the case of registered shareholders, contact
Mart's transfer agent, Computershare Trust Company of Canada or
visit the Company's website at www.martersources.com to obtain the
necessary enrollment forms. Enrollment is required by July 14, 2014
in order to participate in the SDP for the current dividend.
Shareholders who enroll in the SDP will continue to receive shares
until they terminate their enrollment as specified in the
enrollment form.
The SDP provides the option for shareholders to receive
dividends, as and when declared, in the form of common shares of
Mart in lieu of receiving a cash dividend on the dividend payment
date. Common shares issued under the SDP are issued at a five per
cent discount to the prevailing market price as defined in the
Company's SDP, with no broker fees or commissions. The SDP will
generally be available to most shareholders and is expected to
provide many shareholders with Canadian income tax treatment that
is different from the income tax consequences applicable to cash
dividends. Shareholders, wherever resident, are encouraged to
consult their own tax or legal advisors regarding the tax
consequences to them of receiving cash or share dividends.
Additional information on the SDP including the SDP Enrollment
Form can be found at the Company's website at www.martresources.com
or by contacting your financial institution or investment advisor.
The availability of the SDP and the respective terms and conditions
are subject to the discretion of Mart's management and Board of
Directors.
Additional information regarding Mart is available on the
Company's website at www.martresources.com and under the Company's
profile on SEDAR at www.sedar.com.
Forward Looking Statements and Risks
Certain statements contained in this press release
constitute "forward-looking statements" as such term is used in
applicable Canadian and US securities laws. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or are not statements of historical fact and
should be viewed as "forward-looking statements". These statements
relate to analyses and other information that are based upon
forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements.
There is no assurance that future dividends will be declared
or the timing or amount of any future dividend. The payments of
dividends or distributions in the future are within the discretion
of Mart's Board of Directors and are dependent on numerous factors
including the Company's cash flow, capital expenditure budgets,
earnings, financial condition, the satisfaction of the applicable
solvency test in the Company's governing statute (the Business
Corporations Act (Alberta)), and such other factors as the Board of
Directors may consider appropriate from time to time. Mart's
ability to continue to pay dividends in the future is also subject
to many other factors including falling commodity prices,
repatriation restrictions, disruptions or reductions in production
or collection of receivables following sales of production.
Dividend payments to shareholders will be subject to applicable
statutory deductions and tax withholdings prescribed by applicable
law.
There can be no assurance that such forward-looking
statements will prove to be accurate as actual results and future
events could vary or differ materially from those anticipated in
such statements. Accordingly, readers should no place undue
reliance on forward-looking statements contained in this news
release. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
law.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Mart Resources, Inc. (London, England)Wade Cherwayko+44 207 351
7937Wade@martresources.comMart Resources, Inc. (London,
England)Dmitri Tsvetkov+44 207 351
7937dmitri.tsvetkov@martresources.comMart Resources, Inc.
(Canada)Sam
Grier403-270-1841sam.grier@martresources.comwww.martresources.com
Mart Resources (TSXV:MMT)
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