Morien Receives $935,000 on Sale of US Land Holdings
September 3, 2019 – Halifax, Nova Scotia – Morien Resources Corp. (“Morien” or the “Company”) (TSXV:MOX) announced today the sale of its remaining land holdings in Hancock County, Georgia, USA to a Georgia-based individual for approximately CAD $935,000 in cash, after deducting transaction related costs.
The sale was completed through Advanced Primary Minerals USA Corp. (“APMUSA”), a wholly owned subsidiary of Morien. The land holdings were inherited from a predecessor company to Morien and had been deemed a non-core asset. Morien has sufficient non-capital losses carried forward within APMUSA to offset the capital gain on the Company’s sale of the land. This transaction has increased Morien’s working capital position to approximately $3.5 million.
Morien is a Canada based, dividend paying, mining development company that holds royalty interests in two, long life, world class, tidewater accessed projects. The Donkin Coal Mine, which Morien has a scaled 2% to 4% production royalty on, commenced production in 2017 and is paying royalties to Morien. The Black Point Aggregate Project, permitted in 2016, is progressing toward a development decision and is paying advanced minimum royalties to Morien. Morien’s management team exercises ruthless discipline in managing both the assets and liabilities of the Company. The Company’s management and its Board of Directors consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. Morien has 53,081,864 issued and outstanding common shares and a fully diluted position of 56,406,114. Further information is available at www.MorienRes.com.
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:
Dawson Brisco, President & CEO
Office: (902) 466-7255
Mobile: (902) 403-3149
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914