Morien Announces Renewal of Normal Course Issuer Bid
Morien Announces Renewal of Normal Course Issuer Bid
January 26, 2023 – Halifax, Nova Scotia – Morien Resources Corp. ("Morien" or the
"Company") (TSX-V:MOX), is pleased to announce that the TSX Venture Exchange ("TSX-V")
accepted the Company's notice of intention to renew its normal course issuer bid (" NCIB") to
purchase outstanding common shares of Morien on the open market in accordance with the policies
of the TSX-V.
Pursuant to the NCIB, Morien may acquire up to 3,684,381 common shares, representing
approximately 10% of the public float of Morien as of January 25, 2023. The renewal of the
Company's NCIB is intended to provide an additional capital allocation tool to supplement
Morien’s recently reinstated quarterly dividend program as a means of returning capital to
shareholders. In the opinion of the board of directors of Morien, its common shares trade at prices
from time to time that do not reflect the underlying value of the Company including its royalty
portfolio, its strong financial position and the growth opportunities. Repurchases of common
shares pursuant to the NCIB are expected to be opportunistic. Accordingly, Morien believes that
purchasing and returning its common shares to treasury at certain pricing represents an opportunity
to enhance value for its ongoing shareholders. Morien's cash position allows for the
implementation of the bid without adversely affecting Morien's other opportunities.
From February 1, 2022, to January 25, 2023, Morien purchased 500,000 of its common shares at
an average price per share of $0.69 under its current NCIB, which expires January 31, 2023. As
of January 25, 2023, the Company had 50,374,114 common shares outstanding, which has not
been adjusted for the 113,000 shares to be cancelled on January 31, 2023, as a result of purchases
in January under the existing NCIB. Under TSX-V policies, Morien is entitled to purchase, in any
30-day period, up to 2% of its issued and outstanding shares outstanding at the time of the
purchases, up to the maximum of 3,684,381 shares.
Morien is authorized to make purchases between February 1, 2023, and January 31, 2024, or on
such earlier date as the NCIB is complete or is terminated at the option of Morien. The actual
number of common shares which will be purchased and the timing of any such purchases will be
determined by the Company. All shares purchased by the Company will be on the open market
through the facilities of the TSX-V by CIBC World Markets Inc. acting on behalf of Morien in
accordance with the policies of the TSX-V and will be surrendered by the Company to its transfer
agent for cancellation. The prices that Morien will pay for any of the common shares purchased
will be the market price of the shares at the time of acquisition.
About Morien
Morien is a Canada based, mining development company that holds royalty interests in two
tidewater accessed projects. The Donkin Coal Mine recommenced production in 2022, and the
Black Point Aggregate Project, permitted in 2016, is progressing toward a development decision
and is paying advanced minimum royalties to Morien. 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. The Company has 50,374,114
issued and outstanding common shares and a fully diluted position of 54,424,114, which figures
have not been adjusted for the 113,000 shares to be cancelled on January 31, 2023, as a result of
purchases made in January under the existing NCIB. 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
documents filed by Morien with the Canadian securities regulators on SEDAR (www.sedar.com)
from time to time. 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 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 developments; 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 (including assumptions relating
to economic, market and political conditions, the Company’s working capital requirements and
the accuracy of information supplied by the operators of the properties in which the Company has
a royalty interest), 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 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
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 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