18:58:50 EDT Mon 23 May 2022
Enter Symbol
or Name

Mart Resources Inc
Symbol MMT
Shares Issued 356,574,867
Close 2014-06-27 C$ 1.43
Recent Sedar Documents

Mart Resources to pay 1.5-cent quarterly dividend

2014-06-30 08:34 ET - News Release

Mr. Wade Cherwayko reports


Mart Resources Inc. has declared a quarterly dividend of 1.5 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 continuing 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 has reduced the dividend this quarter to preserve cash to finance the capital needs of the company's business and growth opportunities.

Share dividend plan and enrolment

Mart's shareholders may receive dividend payments in the form of cash or common shares through the company's recently adopted share dividend program. 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 to obtain the necessary enrolment forms. Enrolment 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 enrolment as specified in the enrolment 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 5-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 advisers regarding the tax consequences to them of receiving cash or share dividends.

Additional information on the SDP including the SDP enrolment form can be found at the company's website or by contacting your financial institution or investment adviser. The availability of the SDP and the respective terms and conditions are subject to the discretion of Mart's management and board of directors.

We seek Safe Harbor.

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