TORONTO, Nov. 26, 2012 /CNW/ - Sprott Power Corp. (TSX:SPZ), a developer, owner and operator of renewable energy projects, today announced that its Board of Directors has approved the increase of its quarterly dividend to $0.01625 per share from $0.01325 per share effective with the dividend declaration for the fourth quarter at the end of December, 2012.
The dividend increase represents a 23% increase to an annual $0.065 cash dividend, payable quarterly. Sprott Power's Board of Directors will review the dividend policy from time to time taking into consideration the Company's cash flow, earnings, working capital requirements, financial position and other relevant factors. For Canadian resident shareholders, dividends declared are considered as "eligible dividends" for purposes of the divided tax credit rules contained in the Income Tax Act (Canada).
"Our Board's decision to increase the quarterly cash dividend reflects the Company's financial strength, cash flows from existing operating assets and the positive cash flow impact of the recently completed acquisition of Shear Wind Inc.," said Jeff Jenner, Chief Executive Officer of Sprott Power.
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company dedicated to the development, ownership and operation of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, Sprott Power provides its shareholders with income and growth from the renewable power generation sector of the energy industry.
Certain information contained in this press release may constitute "forward-looking information" which reflects the current expectations of Sprott Power including the ability of the Sprott Power to continue to generate sufficient cash to pay future dividends. This information reflects Sprott Power's current beliefs with respect to future events and are based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading "Risk Factors" in the Company's Annual Information Form dated March 26, 2012. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what Sprott Power believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and Sprott Power does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.
SOURCE: Sprott Power Corp.
For further information:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
416-815-0700 ext. 264