Morien Announces Renewal of Normal Course Issuer Bid
January 25, 2017 – Halifax, Nova Scotia – Morien Resources Corp. (“Morien” or the “Company“) (TSXV:MOX), is pleased to announce that the TSX Venture Exchange (“TSXV“) has accepted the Company’s notice of intention to renew its normal course issuer bid (“NCIB“) to purchase outstanding common shares of Morien on the open market in accordance with the policies of the TSXV.
Pursuant to the NCIB, Morien may acquire up to 4,235,000 common shares, representing approximately 10% of the public float of Morien as of January 24, 2017. In the opinion of the board of directors of Morien, its common shares have been trading at prices that do not reflect the underlying value of the Company including its royalty portfolio, its strong financial position and the growth opportunities. Accordingly, Morien believes that purchasing and returning its common shares to treasury at present pricing represents an opportunity to enhance value for its ongoing shareholders. Morien’s cash position allows for the implementation of the bid without adversely affecting Morien’s other opportunities.
From February 1, 2016 to January 24, 2017, Morien purchased 2,113,000 of its common shares at an average price per share of $0.305 under its most recently expired NCIB.
As of January 24, 2017, the Company had 52,986,614 common shares outstanding. Under TSXV policies, Morien is entitled to purchase up to 1,059,732 shares in any 30-day period up to the maximum of 4,235,000 shares.
Morien is authorized to make purchases between February 1, 2017 and January 31, 2018, or on such earlier date as the NCIB is complete or is terminated at the option of Morien. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the Company. All shares purchased by the Company will be on the open market through the facilities of TSXV by National Bank Financial Inc. acting on behalf of Morien in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation. The prices that Morien will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition.
Morien is a Canadian mining exploration and development company, focused on unique mineral industry opportunities in North America with two long-life royalty assets and a strong cash position. Morien has 52,986,614 issued and outstanding common shares and a fully diluted position of 59,189,114. Further information is available at www.MorienRes.com.
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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 this release.
For more information, please contact:
John P.A. Budreski, President and CEO
Phone: (416) 930-0914
Dawson Brisco, P. Geo, VP Corporate Development
Phone: (902) 466-7255