Abitibi Royalties Inc. Receives First Cash Flow
21.04.2015 | ABN Newswire
Quebec, Canada (ABN Newswire) - Abitibi Royalties Inc. (CVE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to announce that the Company received its first cash flow on April 15, 2015 in the form of a quarterly dividend from Yamana Gold. The quarterly dividend totalled approximately Cdn$67,500. Remaining dividends from Yamana Gold and Agnico Eagle for 2015 are estimated to be approximately Cdn$312,500 based* on current payout ratios. The Company also expects to receive additional cash flow in 2015 from its 2% net smelter return (NSR) royalty on a portion of the Gouldie Zone at the Canadian Malartic mine (payments made 60 days after quarters end) and additional investment income."Receiving our first dividend payment is an important milestone and something very uncommon for a mining company with our market capitalization. This payment is the first in what is expected to be a growing and recurring stream of cash flows," stated Ian Ball, President.
*Based on 1.27 USD/Cdn currency exchange rate.
About Abitibi Royalties Inc.:
Abitibi Royalties Inc. (CVE:RZZ) is a royalty company that owns and manages royalties. The Company's royalty portfolio provides investors with an opportunity to gain exposure to the exploration stage of the mining sector, and it is the Company's intention to further broaden this range with the acquisition of royalties that are at the stage of development and exploitation. The Company’s objective is to capturing the upside potential inherent to the various stages of the mining sector, while limiting the risks related to the difficulties in assessing the rate of success and accurately predicting the costs for exploration, development, and mine operation.
Contact:
Abitibi Royalties Inc.
Glenn J. Mullan, Chairman
2864, Chemin Sullivan Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: glenn.mullan@abitibiroyalties.com
Ian J. Ball, President
1 King West St. Suite 4202 Toronto, Ontario M5H 1A1
Tel.: 416-346-4680
Email: ian.ball@abitibiroyalties.com