Maple Leaf Royalties Corp. Announces Dividend & Intention to Commence A Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwired - Oct. 8, 2015) - Maple Leaf Royalties Corp. (TSX VENTURE:MPL) ("Maple Leaf" or the "Company") has declared a quarterly dividend of $0.003 per common share, payable in cash on October 30, 2015, to shareholders of record on October 20, 2015, with an ex-dividend date of October 16, 2015. This dividend has been designated as an eligible dividend for Canadian income tax purposes.
Maple Leaf is also pleased to announce its intention to commence a normal course issuer bid ("NCIB"), subject to the approval of the TSX Venture Exchange (the "TSXV"). The Company intends to consider purchasing, from time to time over the next 12 months, if advisable, up to an aggregate maximum of 3,982,204 common shares, representing approximately 5.3% of its issued and outstanding common shares and approximately 10% of the Company's "public float" (within the meaning of the rules of the TSXV).
Purchases pursuant to the NCIB may commence through the TSXV three trading days after the TSXV accepts the Notice of Intention to Commence the NCIB. The NCIB will terminate twelve months thereafter or such earlier time as the NCIB is completed or terminated at the option of Maple Leaf. All purchases will be made through the facilities of the TSXV at market prices and otherwise in accordance with the rules of the TSXV. The Company may purchase a maximum of 1,508,302 common shares in a given 30-day period. All common shares acquired under the NCIB will be subsequently cancelled. Maple Leaf currently has 75,415,131 common shares issued and outstanding as of October 7, 2015. During the last 12 months, no common shares have been purchased by Maple Leaf under a normal course issuer bid. The Company will appoint Canaccord Genuity Corp. to conduct the NCIB on its behalf.
The board of directors of the Company believes that, from time to time, the market price of the Company's common shares may not adequately reflect the Company's underlying value and future prospects and that, at such times, the purchase of the common shares represents an appropriate use of the Company's financial resources and would be in the best interests of the Company's shareholders.
About Maple Leaf Royalties Corp.
Maple Leaf Royalties Corp. is focused on oil and gas royalty interests in Canada. The company owns royalties on oil and gas production with its current asset base concentrated in west central Alberta and including a mixture of oil, natural gas, and natural gas liquids from numerous producing wells. Royalty interests offer unique investment characteristics including revenue that is directly correlated with oil and gas prices, but with minimal exposure to capital and operating costs and no exposure to abandonment and reclamation costs. Maple Leaf intends to grow and diversify its royalty portfolio through the acquisition of additional royalty interests.
For more information visit: www.mapleleafroyalties.ca.
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.
Source: Marketwired (Canada)
(October 8, 2015 - 9:19 AM EDT)
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