TORONTO, Aug. 20, 2014 /CNW/ - Marret Resource Corp. (TSX: MAR) (the "Company") is pleased to announce that it recently completed a block purchase of 920,800 common shares of the Company (the "Common Shares") at $4 per Common Share pursuant to its recently announced normal course issuer bid ("NCIB") to purchase up to 1,778,207 Common Shares. The purchase was completed pursuant to the rules and procedures of the Toronto Stock Exchange and was done at a 22.2% discount to the net asset value per share of $5.14. All Common Shares acquired by the Company under the NCIB were cancelled. The effect of the purchase of the Common Shares at a discount to net asset value and the subsequent cancellation of the purchased Common Shares was to increase the net asset value per Common Share by $.05632.
After this purchase, 857,407 additional Common Shares may be purchased under the above noted NCIB. The NCIB will remain in effect until July 15, 2015, or an earlier date should the Company complete its purchases.
About Marret Resource Corp.
Marret Resource Corp. is focused on natural resource lending. The Company's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource‐related businesses and investing in public and private equity and quasi‐equity securities. The Company seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances.
Marret Asset Management Inc. is the Company's investment manager and is responsible for implementing the Company's investment strategy and managing its investment portfolio.
About Marret Asset Management Inc.
Marret Asset Management Inc. is the manager of the Company. Marret and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies. Barry Allan, the President and Chief Investment Officer, founded Marret in 2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered bank. Mr. Allan has over 30 years of experience in credit and fixed income markets.
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's investment and macroeconomic views. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such risks include, but are not limited to, market conditions and the other risks identified in the short form prospectus dated June 23, 2011 and the Company's annual information form, in both cases under the heading "Risk Factors". There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Marret Resource Corp.
For further information: about Marret Resource Corp. and its ongoing business, please contact: Marret Investor Services, 416-214-5800 or [email protected]