Dynacor Raises Monthly Dividend By 20%
Dynacor Group Inc. (TSX: DNG) (Dynacor or the Corporation) today announced its board of directors approved a 20% increase to the Corporation's monthly dividend. The monthly dividend will increase to Canadian 1.00 cent from 0.83 of a cent and on an annual basis to 12 cents from 10 cents per common share starting in January 2023. This marks Dynacor's 4th dividend increase since the Corporation paid its first dividend to shareholders in October 2018.
Jean Martineau, President and CEO, states, "Dynacor is committed to returning cash to its shareholders and maintaining a strong financial position. The company has raised the dividend four times in four years, proving management's confidence in Dynacor's ability to generate robust earnings and increased cash flows. Today's announcement reflects our commitment to our shareholders and demonstrates Dynacor's stability and growth potential as we advance."
The Corporation's monthly dividend qualifies as an "eligible dividend" for Canadian income tax purposes. The payment and increase of dividends are at the discretion of the Board and will depend on the Corporation's financial results, cash requirements, prospects and other factors deemed relevant by the Board.
Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.
The corporation intends to expand its processing operations in other jurisdictions as well.
Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner's communities.
Dynacor is listed on the Toronto Stock Exchange (DNG).
Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
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For more information, please contact:
Director, Shareholder Relations
Dynacor Group Inc.
T: 514-393-9000 #230