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Trading Symbol: MARTORONTO,
July 14, 2014 /CNW/ - Marret Resource Corp. (TSX: MAR) (the "Company") is pleased to announce that it has received approval from the Toronto Stock Exchange (the "TSX") for its normal course issuer bid ("NCIB") to purchase up to 1,778,207 common shares of the Company (the "Common Shares") from time to time in accordance with the normal course issuer bid procedures of the TSX representing approximately 10% of the Public Float (as that term is defined in the TSX Company Manual) as of
July 11, 2014. The NCIB will remain in effect from
July 16, 2014 until
July 15, 2015, or an earlier date should the Company complete its purchases. All purchases under the NCIB will be made through the facilities of the TSX, Alpha and/or alternative trading systems. The price the Company will pay for any Common Shares purchased under the NCIB will be the market price at the time of such purchase. All Common Shares acquired by the Company under the NCIB will be cancelled. As at
July 11, 2014, there were 19,419,501 Common Shares outstanding, of which the Public Float is 17,782,072 Common Shares. In accordance with the rules of the TSX, the Company may purchase up to 4,996 Common Shares during any given trading day, which represents 25% of its average daily trading volume, being 19,985 Common Shares for the most recently completed six calendar months prior to the TSX acceptance of the NCIB, other than pursuant to the Block Purchase Exception (as that term is defined in the TSX company manual). The brokerage firm conducting the NCIB on behalf of the Company is RBC Capital Markets.
The Company is making the NCIB as it is of the view that its Common Shares have been trading at a price that does not adequately reflect the net asset value of the Company. To the extent that the Company purchases its Common Shares in accordance with the NCIB, the holdings of remaining shareholders will represent an increased proportion of the Common Shares outstanding and, all other things remaining equal, will result in an increased net asset value per Common Share. No Common Shares were acquired under the Company's previous NCIB which expired on
October 3, 2013.
About Marret Resource Corp.Marret Resource Corp. is focused on natural resource lending. The Company's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource-related businesses and investing in public and private equity and quasi-equity securities. The Company seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances.
Marret Asset Management Inc. is the Company's investment manager and is responsible for implementing the Company's investment strategy and managing its investment portfolio.