Receives First Cash Flow
Quebec, April 21, 2015 AEST (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) holds a 3% NSR on the Odyssey North discovery, Jeffrey Zone and the eastern portion of the Barnat Extension, located inside the Malartic CHL property and a 2% NSR on portions of the Gouldie and Charlie zones, all at the Canadian Malartic mine near Val-d’Or, Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company owns common shares in Yamana Gold and Agnico Eagle Mines (market value), plus cash (as of September 30, 2016) of Cdn$41.8 million. The Company is debt free.
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