Morien Announces Renewal of Normal Course Issuer Bid
Morien Announces Renewal of Normal Course Issuer Bid
HALIFAX, Nova Scotia, Jan. 31, 2024 -- 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 3,614,320 common shares, representing approximately 10% of the public
float of Morien as of January 30, 2024. 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. 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, 2023 to January 30, 2024, Morien purchased 160,114 of its common shares at an average price per share of
$0.50 under its current NCIB, which expires January 31, 2024. As of January 30, 2024, the Company had 51,292,000 common
shares outstanding. 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 3,614,320 shares.
Morien is authorized to make purchases between February 1, 2024, and January 31, 2025, 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 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 Nova Scotia based, mining development company created in 2012 to be a vehicle of direct prosperity for Nova
Scotians, its largest shareholder group. Led by Nova Scotians, Morien’s primary assets are a royalty on the sale of coal from
the Donkin Mine in Cape Breton, Nova Scotia, and a royalty on the sale of crushed stone from the permitted Black Point
Quarry Project, in Guysborough County, Nova Scotia. 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
51,292,000 issued and outstanding common shares and a fully diluted position of 53,992,000. 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.sedarplus.ca) 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