Morien Announces Renewal of Normal Course Issuer Bid
January 26 2021 - 08:00AM
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
3,820,700 common shares, representing approximately 10% of the
public float of Morien as of January 25, 2021. In the opinion of
the Board of Directors of Morien, its common shares have been
trading at prices that do not reflect the underlying value of the
Company including its royalty portfolio and its strong financial
position. Accordingly, Morien believes that purchasing and
returning its common shares to treasury at present 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 business.
From February 1, 2020 to January 25, 2021,
Morien purchased 1,750,500 of its common shares at an average price
per share of $0.24 under its current NCIB, which expires January
31, 2021. As of January 25, 2021, the Company had 51,111,614 common
shares outstanding. Under TSX-V policies, Morien is entitled to
purchase up to 1,022,200 common shares, approximately 2% of its
issued and outstanding common shares, in any 30-day period, up to
the maximum of 3,820,700 shares.
Morien is authorized to make purchases between
February 1, 2021 and January 31, 2022, 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 National Bank Financial 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. Before going on care and maintenance, the Donkin Coal
Mine commenced production in 2017, and the Black Point Aggregate
Project, permitted in 2016, is awaiting 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 51,111,614 issued and outstanding common shares and
a fully diluted position of 55,641,614. 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 regulators 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 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 & CEOOffice: (902)
466-7255Mobile: (902) 403-3149dbrisco@MorienRes.comorJohn P.A.
Budreski, Executive ChairmanPhone: (416) 930-0914
www.MorienRes.com
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