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MMT Mart Resources

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Mart Resources TSXV:MMT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Mart Announces $0.015 Per Common Share Dividend

30/06/2014 1:30pm

Marketwired Canada


Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to
announce the declaration of a quarterly dividend of $0.015 (one and one-half
cents) per common share. The dividend is designated as an eligible dividend for
the purposes of the Income Tax Act (Canada) and will be paid on July 28, 2014 to
shareholders of record at the close of business on July 18, 2014. The
ex-dividend date is July 16, 2014. 


Pursuant to the Company's dividend policy, the declaration of regular 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. In view of
Mart's ongoing drilling program on the Umusadege field, additional capital
required for the possible acquisition of a participating interest in a Nigerian
oil mining lease, and uncertainty regarding timing of first oil through the
Umugini Pipeline, Mart's Board of Directors have reduced the dividend this
quarter to preserve cash to fund the capital needs of the Company's ongoing
business and growth opportunities. 


Share Dividend Plan and Enrollment

Mart's shareholders may receive dividend payments in the form of cash or common
shares through the Company's recently adopted Share Dividend Program ("SDP").
Participation in the SDP is optional. Shareholders will continue to receive
dividend payments in cash unless they chose to participate in the SDP.
Shareholders wishing to participate in the SDP should contact their broker or
intermediary or, in the case of registered shareholders, contact Mart's transfer
agent, Computershare Trust Company of Canada or visit the Company's website at
www.martersources.com to obtain the necessary enrollment forms. Enrollment is
required by July 14, 2014 in order to participate in the SDP for the current
dividend. Shareholders who enroll in the SDP will continue to receive shares
until they terminate their enrollment as specified in the enrollment form.


The SDP provides the option for shareholders to receive dividends, as and when
declared, in the form of common shares of Mart in lieu of receiving a cash
dividend on the dividend payment date. Common shares issued under the SDP are
issued at a five per cent discount to the prevailing market price as defined in
the Company's SDP, with no broker fees or commissions. The SDP will generally be
available to most shareholders and is expected to provide many shareholders with
Canadian income tax treatment that is different from the income tax consequences
applicable to cash dividends. Shareholders, wherever resident, are encouraged to
consult their own tax or legal advisors regarding the tax consequences to them
of receiving cash or share dividends.


Additional information on the SDP including the SDP Enrollment Form can be found
at the Company's website at www.martresources.com or by contacting your
financial institution or investment advisor. The availability of the SDP and the
respective terms and conditions are subject to the discretion of Mart's
management and Board of Directors. 


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.



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 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 NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THE RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart Resources, Inc. (London, England)
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com


Mart Resources, Inc. (London, England)
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com


Mart Resources, Inc. (Canada)
Sam Grier
403-270-1841
sam.grier@martresources.com
www.martresources.com

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