CALGARY, ALBERTA — (Marketwired) — 06/26/13 — Mart Resources, Inc. (TSX VENTURE: MMT) (“Mart” or the “Company”) is pleased to make the following announcements.
Declaration of $0.05 per Common Share Dividend
Mart announces the declaration of a quarterly dividend of $0.05 per common share. The dividend is payable on July 18, 2013 to shareholders of record at the close of business on July 10, 2013. The ex-dividend date is July 16, 2013.
Pursuant to the Company–s dividend policy, the declaration of quarterly dividends is determined quarterly based upon Mart–s cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time.
Satisfaction of Drawdown Conditions for US$100 million Secured Term Loan Facility
Mart, through its wholly-owned Nigerian subsidiary, has satisfied all conditions relating to the initial drawdown of funds under its previously announced US$100 million secured term loan facility with Guaranty Trust Bank PLC. An initial drawdown of US$25 million will be used to fund Umusadege field development activities, Mart–s share of costs for the construction of the Umugini pipeline and for general working capital requirements.
The secured term loan facility is comprised of a US$75 million, 5-year term loan facility and a US$25 million, 1-year revolving loan facility and has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%).
Additional information regarding Mart is available on the Company–s website at and under the Company–s profile on SEDAR at .
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.
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 within the discretion of Mart–s Board of Directors and are dependent on numerous factors including the Company–s cash flow, capital expenditure budgets, earnings, financial condition, the satisfaction of the applicable solvency test in the Company–s governing statute (the Business Corporations Act (Alberta)), and such other factors as the Board of Directors may consider appropriate from time to time. Mart–s ability to continue to pay dividends in the future is also subject to many other factors 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 is also no assurance that future drawdowns of the secured term loan facility will be available to Mart when requested or at all.
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 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.
Contacts:
Mart Resources, Inc. – London, England
Wade Cherwayko
+44 207 351 7937
Mart Resources, Inc. – London, England
Dmitri Tsvetkov
+44 207 351 7937
Mart Resources, Inc. – Canada
Sam Grier
403-270-1841 or Toll Free: 1-888-875-7485