Morien Announces Quarterly Dividend and Changes to Executive Management Team
Morien Announces Quarterly Dividend and Changes to Executive
Management Team
November 29, 2018 – Halifax, Nova Scotia – Morien Resources Corp. ("Morien" or the
"Company") (TSXV:MOX), is pleased to announce that its Board of Directors have declared a
dividend of $0.0025 (one quarter of one cent) per common share for the forth quarter of 2018,
and to announce the promotion of Mr. Dawson Brisco to President and Chief Executive Officer.
Quarterly Dividend
Morien’s Board of Directors (the "Board") have declared a dividend of $0.0025 (one quarter of
one cent) per common share to be paid on December 21, 2018 to shareholders of record at the
close of business on December 7, 2018.
It is Morien’s current intention to pay a quarterly dividend of $0.0025 per common share in Q1
2019. 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 stability of cash flow and the need to maintain flexibility to sec ure 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 Mo rien 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 payments will qualify as an ‘eligible dividend' for Canadian income
tax purposes.
Changes to Executive Management Team
Mr. Brisco was appointed as President of Morien in May 2018, and prior to that led the
Company’s business and corporate development efforts since its formation in 2012 . The
expansion of Mr. Brisco’s management responsibilities , and his promotion to Preside nt and
CEO, recognizes his valuable skillset and the meaningful contributions he has made to Morien’s
growth. He is a Professional Geologist with over 15 years of mining industry e xperience in a
variety of roles, and holds a Honours Bachelor of Science deg ree in Geology from Saint Mary’s
University in Halifax, Nova Scotia.
Mr. John P. A. Budreski , who resigned as CEO, will continue with Morien as Executive
Chairman.
About Morien
Morien is a Canada based, dividend paying, mining development company that holds royalty
interests in two, long life, world class, tidewater accessed projects. The Donkin Coal Mine
commenced production in 2017 and the Black Point Aggreg ate Project was permitted in 2016
and is progressing toward a development decision. Morien’s management team exercises
ruthless discipline in managing both the assets and liabilities of the Company. The Company’s
management and its Board of Directors consider shareholder returns to be paramount over
corporate size, number or scale of assets and industry recognition. Morien has 53,535,114 issued
and outstanding common shares and a fully diluted position of 57,727,614. Further information
is available at www.MorienRes.com.
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 control, 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 regulat ors on
SEDAR (www.sedar.com) on April 26, 2016. Morien cautions that its royalty revenue will be
based on production by third party property owners and o perators 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 financia l 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; unant icipated changes in production,
mineral reserves and mineral resources, metallurgical recoveries and/or exploration results;
changes in regulations and unpredictable political or economic developments; loss of key
personnel; labour disputes; and ineffectiv e 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 informat ion, events
or otherwise, except in accordance with applicable securities laws. All dollar values discussed
herein are in Canadian 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 plan s 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 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.
For more information, please contact:
Dawson Brisco, President & CEO
Phone: (902) 403-3149
or
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914
www.MorienRes.com