Metalla’s board of directors has approved and declared monthly cash dividends on its common shares (subject to any applicable tax withholding obligations). The monthly record and payment date is set out in the table below and will be made to shareholders of record as set out below.
Declared dividends will continue for April and May 2020 (as set out in the schedule in the Company’s news release dated February 20, 2020). Going forward, the board will continue to monitor the impact of the COVID-19 pandemic and assess whether or not any future dividend declarations will be made during this period of disruption to global mining production. Declarations of dividends will continue to be based on our dividend policy of paying out a target rate of 50% of the operating cash flow.
Brett Heath, President and CEO of Metalla commented, “The dividend policy is a central part of our philosophy. As cash flow increases, so will the dividend, if cash flow decreases temporarily, it will also have the same effect. We believe Metalla has one of the most attractive development pipelines with some of the strongest counterparties that will continue to advance their operations even through volatile markets. Although we can’t predict the long-term impact of the COVID-19 situation, we believe Metalla is best positioned to add more accretive transactions in the future to further diversify and grow our Company.”
|Month||Record Date||Payment Date||Payment Amount ($CAD)|
|January⁽¹⁾||January 2, 2020||January 15, 2020||$0.004 (adjusted for 4:1 consolidation)|
|February⁽¹⁾||February 3, 2020||February 17, 2020||$0.004 (adjusted for 4:1 consolidation)|
|March⁽¹⁾||March 2, 2020||March 16, 2020||$0.004|
|April⁽¹⁾||April 1, 2020||April 15, 2020||$0.004|
|May⁽¹⁾||May 1, 2020||May 15, 2020||$0.004|
|June||Paused due to COVID-19|
|July||Paused due to COVID-19|
|August||Paused due to COVID-19|
|September||Paused due to COVID-19|
⁽¹⁾ Eligible dividend pursuant to the Income Tax Act (Canada).