By Modupe Gbadeyanka
The board of Dynacor Gold Mines has approved the initiation of quarterly cash dividends to its shareholders, the first cash dividend in the company’s history.
The dividend of CAD$0.01 per common share, is payable on October 1, 2018 to shareholders of record on September 20, 2018.
Dynacor is one of the largest ore purchasing processors in Peru. With its new ore processing facility operating at near full capacity, the Corporation is forecasting 2018 to be its best year on record. Dynacor’s stable business model is proven to withstand the volatility of the gold price. The Corporation is free of debt, in a healthy financial situation and working towards its 30th consecutive quarter of profits.
President and CEO Jean Martineau states, “Our team has worked very hard to build the Corporation to what it is today. Our solid financial situation and leadership position in our market tells us the time is right to begin what we believe will be a lasting quarterly dividend payment initiative. We have a strong shareholder base that has loyally provided their support over the years. I am especially pleased to say that this long-awaited dividend declaration together with the Corporation’s recently announced share repurchase program are part of our strategic plan to maximize returns to our deserving shareholders.”
The declaration and payment of dividends is at the discretion of the Board and will depend on the Corporation’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
The Corporation’s dividend payments will qualify as an ‘eligible dividend’ for Canadian income tax purposes.
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