2013-06-26 10:04 ET - News Release
Mr. Wade Cherwayko reports Mart Resources Inc. has provided an update. Mart announces the declaration of a quarterly dividend of five cents 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 $100-million (U.S.) 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 $100-million (U.S.) secured term loan facility with Guaranty Trust Bank PLC. An initial drawdown of $25-million (U.S.) will be used to finance 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 comprises a $75-million (U.S.), five-year term loan facility and a $25-million (U.S.), one-year revolving loan facility and has a term of five years and bears interest at 90-day LIBOR plus 4 per cent (floor of 8.25 per cent).
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