TSX SYMBOL: MAR
TORONTO, Dec. 13, 2012 /CNW/ - December 13, 2012 - Marret Resource Corp. (the " Company" or " Marret") announced today that its Board of Directors has approved a Dividend Reinvestment Plan (the " Plan") for the Company's shareholders other than shareholders who are U.S. Persons (" Eligible Shareholders"). The Plan will commence on December 31, 2012. The Toronto Stock Exchange (the "TSX") has approved the Plan.
The Company also announced that it intends to pay dividends on its common shares (the "Shares") on a monthly basis beginning in 2013. The first monthly dividend payment in 2013 will be on or about January 31, 2013. The exact timing of monthly dividend payments will be subject to board approval and disclosed in future press releases.
Details of the PlanThe Plan allows Eligible Shareholders to direct cash dividends paid on their Shares and be reinvested in additional Shares which will be, at Marret's discretion, either newly issued Shares purchased from treasury (" Treasury Purchase") or Shares purchased through the facilities of the TSX or alternative Canadian markets (" Market Purchase"). In each press release announcing the declaration of a cash dividend, Marret will announce whether the Shares under the Plan with respect to such cash dividend will be purchased by way of Treasury Purchase or Market Purchase and, if by Treasury Purchase, any applicable discount from the purchase price. In the case of Treasury Purchases, the price will be the average of the daily volume weighted average price of the Shares traded on the TSX for the ten trading days immediately preceding the applicable dividend payment date, less a discount, if any, of up to 3% at the Company's election. In the case of Market Purchases, the price will be the average market price, excluding any brokerage commissions, of all Shares so purchased for participants by Computershare Trust Company of Canada ("Computershare") (in its capacity as plan agent under the Plan) through the Canadian open markets, which include the facilities of the TSX and/or alternative Canadian markets. No assurances can be made that there will be a sufficient number of additional Shares available to satisfy the requirements of the Plan. To participate in the Plan, registered Eligible Shareholders must deliver a properly completed initial enrolment form to Computershare through Computershare's self-service web portal at www.investorcentre.com or by downloading the Enrollment Participation - Declaration Form and duly completing and delivering it, as directed under the Plan, to Computershare by not later than 4:00 p.m. ( Toronto time) on the fifth business day prior to the next applicable dividend record date for it to be effective on such dividend payment date. Any enrollment form received after such time will be applied to the next applicable dividend record date. Once a participant has enrolled in the Plan, participation continues automatically unless terminated or suspended in accordance with the terms of the Plan. Beneficial Eligible Shareholders (owners of Shares that are held through a nominee) who wish to participate in the Plan should contact the broker, investment dealer, financial institution or other nominee who holds their Shares. The date of enrollment for non-registered shareholders of Shares who have instructed a nominee to enroll their Shares in the Plan will be determined by the administrative practices of the intermediary.