Morien Announces Renewal of Normal Course Issuer Bid
January 28 2022 - 05:30AM
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
3,763,300 common shares, representing approximately 10% of the
public float of Morien as of January 21, 2022. 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, its strong financial
position and the growth opportunities. 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
other opportunities.
From February 1, 2021 to January 25, 2022,
Morien purchased 525,500 of its common shares at an average price
per share of $0.21 under its current NCIB, which expires January
31, 2022. As of January 25, 2022, the Company had 50,587,614 common
shares outstanding, which has not been adjusted for the 1,500
shares to be cancelled on January 31, 2022 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 3,763,300 shares.
Morien is authorized to make purchases between
February 1, 2022 and January 31, 2023, 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 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 50,587,614 issued and
outstanding common shares and a fully diluted position of
54,812,614, which figures have not been adjusted for the 1,500
shares to be cancelled on January 31, 2022 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 & CEOPhone: (902)
403-3149dbrisco@MorienRes.comorJohn P.A. Budreski, Executive
ChairmanPhone: (416) 930-0914 www.MorienRes.com
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