Correction from source: The record date as mentioned in Morien’s news release issued at 9:18 am ET regarding the Company’s Quarterly Dividend Payment has been changed
Correction from source: The record date as mentioned in Morien’s news release issued at
9:18 am ET regarding the Company’s Quarterly Dividend Payment has been changed
from March 26, 2018 to March 16, 2018.
Morien Announces Quarterly Dividend
March 12, 2018 – Halifax, Nova Scotia – Morien Resources Corp. ("Morien" or the
"Company") (TSXV:MOX), is pleased to announce that its Board of Directors (the “Board”)
has declared a dividend of $0 .0025 (one quarter of one cent) per common share for the first
quarter of 2018 . The dividend will be paid on March 2 9, 2018 to shareholders of record at the
close of business on March 16, 2018.
It is Morien’s current intention that in 2018 it will pay quarte rly dividends of $0.0025 per
common share. Beyond 2018, as the Donkin Coal Mine scales up production, it is anticipated
that quarterly dividends will be calculated as a high percentage of cash flow available for
distribution, having regard to the stabilit y of cash flow and the need to maintain flexibility to
secure new royalty assets. However, the declaration, amount and timing of any future dividends
remain at the discretion of the Board.
Future dividends will be subject to the Board's determination that the payment of a dividend is in
the best interest of Morien and its shareholders, having regard to the Company’s cash reserves,
anticipated financial requirements, legal requirements for the declaration of dividends and other
conditions existing at such time, including forward production guidance from Kameron
Collieries ULC, owner and operator of the Donkin Coal Mine.
The Company’s dividend pay ments will qualify as an ‘ eligible dividend' for Canadian income
tax purposes.
About Morien
Morien is a Canadian mining exploration and development company, focused on unique mineral
industry opportunities in North America with a strong cash position and two, long -life royalty
assets in Nova Scotia, Canada; a gross production royalty of 2% to 4% on all coal sales from
Kameron Collieries’ Donkin Coal Mine which entered production in Q1 2017; and a pr oduction
royalty on Vulcan Materials Company’s Black Point Aggregate Project which was recently
permitted and is progressing toward a development decis ion. The Donkin royalty is payable to
Morien on a quarterly basis over the anticipated 30 plus year mine life , and using a range of coal
pricing, annual royalty payments could be in the order of C$4.0 to $8.0 million at full production
of 2.75 million sal es tonnes per year (1). The Black Point royalty is payable to Morien on all
material sold from Black Point over the estimated 50 -year life of the mine, and is projected to
provide annual royalty payments of between C$100,000 and $750,000. Morien has an a ctive
normal course issuer bid, through which it has purchased/cancelled 7.6 million common shares,
or 12.7% of the Company’s issued and outstanding shares since its initiation in Q1 2015.
Morien has 54,402,614 issued and outstanding common shares and a fully diluted position of
56,560,114. Further information is available at www.MorienRes.com.
(1) The Donkin Coal Technical Report, dated November 2012, found on Morien’s SEDAR profile,
supports the above technical disclosures. The Technical Report presents the results of a Pre -Feasibility
Study on the Donkin Project and the reserves defined by the Pre -Feasibility Study prepared by Xstrata
Coal Pty Ltd. Production assumptions are based on Probable Reserves of 58 million tonnes. The Reserve
estimate is based on an Indicated Resource of 174 million tonnes. The received royalty estimates for
Donkin and Black Point, as outlined above, are only estimates based on Q1 2018 assumptions that Morien
management consider to be reasonable.
Qualified Person
Dawson Brisco, P.Geo. (Nova Scotia), Vice President Corporate Development, is a Qualified
Person as that term is defined in National Instrument 43 -101 and has reviewed and approved the
scientific and technical information contained in this news release.
Forward-Looking Statements
Some of the statements in this news release may constitute "forward -looking information" as
defined under applicable securities laws. These statements reflect Morien's current expectations
of future revenues and business prospects and opportunities and are based on information
currently available to Morien. Morien cautions that actual performance will be affected by a
number of factors, many of which are beyond its cont rol, and that future events and results may
vary substantially from what Morien currently foresees. Factors that could cause actual results to
differ materially from those in forward -looking statements include risks and uncertainties
described in Morien’s annual information form filed with the Canadian Securities regulators on
SEDAR (www.sedar.com). Morien cautions that its royalty revenue will be based on production
by third party property owners and operators who will be responsible for determining the manner
and timing for the properties forming part of Morien’s royalty portfolio. These third party
owners and operators are also subject to risk factors that could cause actual results to differ
materially from those predicted herein including: volatility in financial markets or general
economic conditions; capital requirements and the need for additional financing; fluctuations in
the rates of exchange for the currencies of Canada and the United States; prices for commodities
including gold, coal and aggregate; unanticipated changes in production, mineral reserves and
mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and
unpredictable political or economic dev elopments; loss of key personnel; labour disputes; and
ineffective title to mineral claims or property. There are other business risks and hazards
associated with mineral exploration, development and mining. Although Morien believes that
the forward-looking information contained herein is based on reasonable assumptions, readers
cannot be assured that actual results will be consistent with such statements. Morien expressly
disclaims any intention or obligation to update or revise any forward -looking information in this
news release, whether as a result of new information, events or otherwise, except in accordance
with applicable securities laws. All dollar values discussed herein are in C anadian dollars. Any
financial outlook or future -oriented financial information in this news release, as defined by
applicable securities laws, has been approved by management of Morien as of the date of this
news release. Such financial outlook or future -oriented financial information is provided for the
purpose of providing information about management's current expectations and plans relating to
the future. Readers are cautioned that such outlook or information should not be used for
purposes other than for which it is disclosed in this news release.
Neither the TSX Ve nture 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.
For more information, please contact:
John P.A. Budreski, President and CEO
Phone: (416) 930-0914
or
Dawson Brisco, P.Geo, VP Corporate Development
Phone: (902) 466-7255
www.MorienRes.com