TSX SYMBOL: MAR
TORONTO, Dec. 13, 2012 /CNW/ - December 13, 2012 - Marret Resource Corp.
(the "Company" or "Marret") announced today that its Board of Directors has approved a Dividend
Reinvestment Plan (the "Plan") for the Company's shareholders other than shareholders who are U.S.
Persons ("Eligible Shareholders"). The Plan will commence on December 31, 2012. The Toronto Stock
Exchange (the "TSX") has approved the Plan.
The Company also announced that it intends to pay dividends on its
common shares (the "Shares") on a monthly basis beginning in 2013. The
first monthly dividend payment in 2013 will be on or about January 31,
2013. The exact timing of monthly dividend payments will be subject to
board approval and disclosed in future press releases.
Details of the Plan
The Plan allows Eligible Shareholders to direct cash dividends paid on
their Shares and be reinvested in additional Shares which will be, at Marret's
discretion, either newly issued Shares purchased from treasury ("Treasury Purchase") or Shares purchased through the facilities of the TSX or alternative
Canadian markets ("Market Purchase").
In each press release announcing the declaration of a cash dividend,
Marret will announce whether the Shares under the Plan with respect to
such cash dividend will be purchased by way of Treasury Purchase or
Market Purchase and, if by Treasury Purchase, any applicable discount
from the purchase price. In the case of Treasury Purchases, the price
will be the average of the daily volume weighted average price of the
Shares traded on the TSX for the ten trading days immediately
preceding the applicable dividend payment date, less a discount, if
any, of up to 3% at the Company's election. In the case of Market
Purchases, the price will be the average market price, excluding any
brokerage commissions, of all Shares so purchased for participants by
Computershare Trust Company of Canada ("Computershare") (in its
capacity as plan agent under the Plan) through the Canadian open
markets, which include the facilities of the TSX and/or alternative
Canadian markets. No assurances can be made that there will be a
sufficient number of additional Shares available to satisfy the
requirements of the Plan.
To participate in the Plan, registered Eligible Shareholders must
deliver a properly completed initial enrolment form to Computershare
through Computershare's self-service web portal at www.investorcentre.com or by downloading the Enrollment Participation - Declaration Form and
duly completing and delivering it, as directed under the Plan, to
Computershare by not later than 4:00 p.m. (Toronto time) on the fifth
business day prior to the next applicable dividend record date for it
to be effective on such dividend payment date. Any enrollment form
received after such time will be applied to the next applicable
dividend record date. Once a participant has enrolled in the Plan,
participation continues automatically unless terminated or suspended in
accordance with the terms of the Plan.
Beneficial Eligible Shareholders (owners of Shares that are held through
a nominee) who wish to participate in the Plan should contact the
broker, investment dealer, financial institution or other nominee who
holds their Shares. The date of enrollment for non-registered
shareholders of Shares who have instructed a nominee to enroll their
Shares in the Plan will be determined by the administrative practices
of the intermediary.
Eligible Shareholders are urged to carefully read the complete text of
the Plan before making any decisions regarding their participation in
the Plan. A copy of the Plan and the enrolment form are available on
Marret's website at www.marret.com or by calling Marret at (416) 214-5800 or at Computershare's website at
Except as otherwise specifically stated in the Plan, Marret will be
responsible for all administrative costs of the Plan, including any
brokerage commissions or the fees or other expenses of the plan agent
payable in connection with the purchase of Plan Shares under the Plan.
Beneficial Shareholders may be charged additional fees by the
intermediary through whom their Plan Shares are held.
Participation in the Plan will not relieve Plan participants of any
liability for taxes that may be payable on dividends. Eligible
Shareholders should consult their own tax advisors concerning the tax
implications of their participation in the Plan regarding their own
The Shares and the Shares to be issued pursuant to the Plan are not, and
will not be, registered under the United States Securities Act of 1933, as amended, and accordingly, the Shares issued pursuant to the
Plan are not being publicly offered for sale in the United States or in
any of the territories or possessions thereof or any other
jurisdictions or to or for the benefit of "U.S. Persons" (as such term
is defined in Regulation S under the United States Securities Act of
1933, as amended). Participation in the Plan will not be accepted from
any person or person's agent who is not an Eligible Shareholder.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in any province or
territory of Canada or in any other jurisdiction. There shall be no
sale of the securities in any jurisdiction in which an offer to sell, a
solicitation of an offer to buy or a sale would be unlawful.
SOURCE: Marret Resource Corp.
For further information:
Peter Rizakos (416) 640-4256 email@example.com or Marcus Spain at 416-306-3894 firstname.lastname@example.org.