Petrus Resources Ltd. ("Petrus" or the "Company") is pleased to announce that it has adopted a dividend reinvestment plan (the "DRIP"), which enables eligible shareholders that elect to participate in the DRIP to reinvest all or part of their cash dividends into additional common shares ("Common Shares") of the Company in an efficient and cost effective manner. Eligible shareholders may elect to participate in the DRIP commencing with the dividend to be paid on December 30, 2024 to shareholders of record as of December 16, 2024. Participation in the DRIP is optional and will not affect shareholders' cash dividends unless they elect to participate in the DRIP.
Eligible shareholders who elect to reinvest their cash dividends under the DRIP will initially receive Common Shares issued from treasury at a discount of 3% from the market price of the Common Shares, with the market price being equal to the volume-weighted average trading price of the Common Shares on the Toronto Stock Exchange for the five trading days preceding the applicable dividend payment date.
Since the DRIP gives the Company the option of buying Common Shares on the Toronto Stock Exchange, issuing new Common Shares from treasury or choosing a combination of the two, any decision made by the board of directors of the Company (the "Board") to change either the purchase method or the discount granted on the purchase price of Common Shares issued from treasury will be communicated by press release.
To participate in the DRIP, registered shareholders must deliver a properly completed authorization form to Odyssey Trust Company ("Odyssey") before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Registered shareholders who wish to participate in the DRIP for the December 2024 dividend must deliver a properly completed enrollment form to Odyssey no later than 4:00 p.m. (Calgary time) on Monday, December 9, 2024.
Beneficial shareholders (i.e. holders of Common Shares that are held through a nominee) who wish to participate in the DRIP should contact their broker, financial institution, or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions, and to ensure any deadlines or other requirements that such broker, financial institution, or nominee may impose or be subject to are met.
No commissions, service charges or brokerage fees are payable in connection with the purchase of Common Shares from treasury under the DRIP. Eligible beneficial shareholders who wish to participate in the DRIP indirectly through the broker, financial institution or other nominee through which their Common Shares are held should consult such broker, financial institution or nominee to confirm whether commissions, service charges or other fees are payable.
Please note that participation by shareholders that are not resident in Canada may be restricted. United States shareholders will not be eligible to participate in the DRIP except pursuant to an available exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.
Participation in the DRIP does not relieve shareholders of any liability for taxes that may be payable in connection with dividends that are reinvested in new Common Shares under the DRIP. Shareholders should consult their tax advisors concerning the tax implications of their participation in the DRIP having regard to their particular circumstances.
The foregoing is a summary of the key attributes of the DRIP. A complete copy of the DRIP will be available on the Company's website at www.petrusresources.com and on Odyssey's website at https://odysseytrust.com/faq/. A copy of the enrollment form will be available on Odyssey's website at https://odysseytrust.com/faq/. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation in the DRIP. For further information regarding the DRIP and how to enroll in the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.
