CALGARY, ALBERTA--(Marketwire - June 28, 2012) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce the declaration of a dividend of $0.10 per common share payable on August 8, 2012 to shareholders of record at the close of business on July 23, 2012.
Mart's Board of Directors has also adopted a dividend policy reflecting its intention to pay quarterly dividends of $0.05 per common share commencing in September 2012. The payments of dividends in the future are dependent on Mart's cash flows, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time.
Wade Cherwayko, CEO of Mart commented: "The declaration by Mart of its first dividend to shareholders is a very important milestone for the Company and reflects our positive view of the sustainability of cash flow from Mart's Nigerian operations."
For more information, please contact Wade Cherwayko at Mart's London, England office # +44 207 351 7937 or e-mail: Wade@martresources.com; or Investor Relations at toll free 1-888-875-7485. Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Investors are also welcome to contact one of the investor relations specialists for all corporate updates and investor inquiries.
Forward-Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, there is no assurance that future dividends will be declared or the timing or amount of any future dividend. The payments of dividends or distributions in the future are dependent on Mart's cash flow, capital expenditure budgets, earnings, financial condition, the satisfaction of the applicable solvency test in Mart's governing statute (the Business Corporations Act (Alberta)), and such other factors as the Board of Directors of Mart may consider appropriate from time to time. Mart's ability to pay dividends can be adversely affected by many factors beyond Mart's control including falling commodity prices, repatriation restrictions, disruptions or reductions in production or collection of receivables following sales of production.
Dividend payments to shareholders will be subject to applicable statutory deductions and tax withholdings prescribed by applicable law.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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 THE RELEASE.