CALGARY, July 10, 2013 /CNW/ - Toscana Energy Income Corporation (Toscana Energy or the Company) (TSX Venture: TEI) announced today the implementation and commencement of a Dividend Reinvestment Plan (the DRIP).
Under the terms of the DRIP, eligible shareholders of Toscana Energy (the Shareholders) may elect to automatically reinvest their cash dividends from common shares (Common Shares) of the Company in new Common Shares of the Company. Shareholders who elect to reinvest cash distributions under the DRIP will receive Common Shares at a price equal to the average closing price of the Common Shares on the TSX Venture Exchange during the 10 day trading period ending on the business day immediately prior to the dividend payment date less a five percent (5%) discount to such price (the Investment Price).
Common Shares may be purchased under the DRIP commencing with the cash dividend payable on August 15, 2013 to Shareholders of record on July 31, 2013. Toscana Energy has reserved an aggregate of 500,000 Common Shares (representing approximately 10% of the issued and outstanding number of Common Shares as at the date hereof) for issuance to participants enrolled in the DRIP.
Registered Shareholders may enrol in the DRIP by completing an Enrolment Form and submitting the completed form to Valiant Trust Company (the Plan Agent) at the address set out in the DRIP. Under the terms of the DRIP, Enrolment Forms must be provided to the Plan Agent at least two days before the record date of any dividend payment. Beneficial Shareholders are encouraged to contact their broker or other intermediary for enrolment information. The DRIP is subject to certain limitations and restrictions and interested parties are encouraged to review the full text of the DRIP. The DRIP and the enrolment forms are available on Toscana Energy's website at www.sprott-toscana.com.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional oil and gas producer with a mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation. Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.
About Sprott Toscana
Sprott Toscana (formerly Toscana Merchant Group) is a team of Calgary-based energy specialists that manage three separate businesses: Toscana Energy Income Corporation (through Toscana Energy Corporation), Toscana Financial Income Trust and Maple Leaf Energy Income LPs. In July 2012, Toscana Merchant Group joined the Sprott Group of Companies when it was acquired by Sprott Inc. (TSX: SII), Canada's leading alternative asset manager and a global leader in resource investing.
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: Toscana Energy Income Corporation
For further information:
please visit our website at www.sprott-toscana.com or contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090