Marret Resource Corp. (MAR.TO: Quote) announced that its Board has approved a dividend Reinvestment Plan for the company's shareholders other than shareholders who are U.S. Persons. The Plan will commence on December 31, 2012. The Toronto Stock Exchange has approved the Plan.
The company also announced that it intends to pay dividends on its common shares on a monthly basis beginning in 2013.
The company stated that the 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 or "Treasury Purchase" or Shares purchased through the facilities of the TSX or alternative Canadian markets or "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 through the Canadian open markets, which include the facilities of the TSX and/or alternative Canadian markets.
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by RTT Staff Writer
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