Not for distribution to U.S. newswire services or public dissemination in the United States.
CALGARY, Alberta, Nov. 28, 2024 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that it has adopted a dividend reinvestment plan (the "DRIP"), which enables eligible shareholders that elect to participate in the DRIP to reinvest all or part of their cash dividends into additional common shares ("Common Shares") of the Company in an efficient and cost effective manner. Eligible shareholders may elect to participate in the DRIP commencing with the dividend to be paid on December 30, 2024 to shareholders of record as of December 16, 2024. Participation in the DRIP is optional and will not affect shareholders' cash dividends unless they elect to participate in the DRIP.
Eligible shareholders who elect to reinvest their cash dividends under the DRIP will initially receive Common Shares issued from treasury at a discount of 3% from the market price of the Common Shares, with the market price being equal to the volume-weighted average trading price of the Common Shares on the Toronto Stock Exchange for the five trading days preceding the applicable dividend payment date.
Since the DRIP gives the Company the option of buying Common Shares on the Toronto Stock Exchange, issuing new Common Shares from treasury or choosing a combination of the two, any decision made by the board of directors of the Company (the "Board") to change either the purchase method or the discount granted on the purchase price of Common Shares issued from treasury will be communicated by press release.
To participate in the DRIP, registered shareholders must deliver a properly completed authorization form to Odyssey Trust Company ("Odyssey") before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Registered shareholders who wish to participate in the DRIP for the December 2024 dividend must deliver a properly completed enrollment form to Odyssey no later than 4:00 p.m. (Calgary time) on Monday, December 9, 2024.
Beneficial shareholders (i.e. holders of Common Shares that are held through a nominee) who wish to participate in the DRIP should contact their broker, financial institution, or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions, and to ensure any deadlines or other requirements that such broker, financial institution, or nominee may impose or be subject to are met.
No commissions, service charges or brokerage fees are payable in connection with the purchase of Common Shares from treasury under the DRIP. Eligible beneficial shareholders who wish to participate in the DRIP indirectly through the broker, financial institution or other nominee through which their Common Shares are held should consult such broker, financial institution or nominee to confirm whether commissions, service charges or other fees are payable.
Please note that participation by shareholders that are not resident in Canada may be restricted. United States shareholders will not be eligible to participate in the DRIP except pursuant to an available exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.
Participation in the DRIP does not relieve shareholders of any liability for taxes that may be payable in connection with dividends that are reinvested in new Common Shares under the DRIP. Shareholders should consult their tax advisors concerning the tax implications of their participation in the DRIP having regard to their particular circumstances.
The foregoing is a summary of the key attributes of the DRIP. A complete copy of the DRIP will be available on the Company's website at www.petrusresources.com and on Odyssey's website at https://odysseytrust.com/faq/. A copy of the enrollment form will be available on Odyssey's website at https://odysseytrust.com/faq/. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation in the DRIP. For further information regarding the DRIP and how to enroll in the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The Common Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or absent an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of Common Shares in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or a sale would be unlawful.
About Petrus
Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.
For further information, please contact:
Ken Gray, P.Eng.
President and Chief Executive Officer
T: 403-930-0889
ADVISORIES
Forward-Looking Statements
Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words "anticipate”, "continue”, "estimate”, "expect”, "may”, "will”, "project”, "should”, "believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus' internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements included in this press release include, but are not limited to statements with respect to: expectations that the Company will pay dividends in the future; the features of the DRIP, including the purchase price of Common Shares acquired thereunder; and the anticipated benefits to be derived from the DRIP.
These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company's control, including: the risk that Petrus may not have sufficient financial resources in the future to pay dividends to its shareholders; the risk that the Board may not declare dividends in the future or that Petrus' dividend policy changes; the risk that the features of the DRIP are amended, including that the purchase price of Common Shares acquired under the DRIP may change; the risk that the DRIP is suspended and/or terminated; and the other risks and uncertainties described in our Annual Information Form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: that Petrus will have sufficient financial resources to pay dividends in the future and will continue to do so; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus' future operations and such information may not be appropriate for other purposes. Petrus' actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Dividend Advisory
The Company's future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the Common Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance that the Company will pay dividends in the future.
