KIRKLAND, QC, Oct. 12, 2017 /CNW Telbec/ - Manitex Capital Inc. ("Manitex") is pleased to announce that it has completed the distribution to its shareholders of its previously announced special dividend-in-kind (the "Dividend") of common shares of Auxico Resources Canada Inc., ("Auxico Shares") held by Manitex.
The Dividend has a deemed price of $0.25 per Auxico Share and was distributed to holders of record of common shares of Manitex ("Manitex Shares") at the close of business on September 19, 2017 (the "Record Date"), on a pro rata basis of 0.1 Auxico Share per Manitex Share held on the Record Date. No Auxico Shares were delivered to Manitex shareholders residing outside of Canada. Consequently, non-resident Manitex shareholders have received their pro-rata share of the cash equivalent of the Dividend. A total of 1,249,027 Auxico Shares were distributed to resident Manitex shareholders and after distribution of the Dividend, Manitex continues to hold 990,973 Auxico Shares.
The Dividend is an "eligible dividend" for the purposes of the Income Tax Act (Canada) and corresponding provincial legislation and therefore the dividend will be taxable in the hands of Manitex shareholders. Manitex shareholders with questions regarding the tax treatment of dividends should consult with their own tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial taxation authorities.
For more details on Auxico Resources Canada Inc., please consult the issuer's profile on SEDAR at www.sedar.com.
The TSX Venture Exchange has issued a bulletin on September 13, 2017 approving the distribution of the Dividend.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Auxico Resources Canada Inc.
Auxico is a reporting issuer in the provinces of Quebec, Ontario, Alberta and British Columbia and is engaged in the acquisition, exploration and development of mineral properties. Auxico owns a 100% interest in the Zamora silver-gold property in Mexico (the "Property") and holds an exclusive license on patented technology in the recovery, separation and refining of precious metals. Auxico's current focus is to conduct its exploration program on the Property.
About Manitex Capital Inc.
Manitex Capital Inc. invests in promising emerging companies in diversified sectors including life sciences, cleantech and sustainable products/technologies. Manitex provides its portfolio companies with specialized corporate finance and advisory services including corporate strategy, mergers and acquisitions, public markets access and financing. Manitex currently has 12,561,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange, symbol MNX.V.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.
For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO Tel.: 514-694-0150, email@example.com